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You invest an initial $2,000 in an account that has an annual interest rate of 6%, compounded daily. How much money will you have in the account after 15 years? Round your answer to the nearest whole number
 one year ago
 one year ago
You invest an initial $2,000 in an account that has an annual interest rate of 6%, compounded daily. How much money will you have in the account after 15 years? Round your answer to the nearest whole number
 one year ago
 one year ago

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LimitlessBest ResponseYou've already chosen the best response.3
What formula or formulae do you think might be appropriate here?
 one year ago

coolaiddBest ResponseYou've already chosen the best response.0
t=10, so p(10)=430*1.009^10?
 one year ago

LimitlessBest ResponseYou've already chosen the best response.3
Apply this formula: \[A= P\left(1 + \frac{r}{n}\right)^{nt}\] * A = final amount * P = principal amount (initial investment) * r = annual nominal interest rate (as a decimal, not in percentage) * n = number of times the interest is compounded per year * t = number of years
 one year ago

LimitlessBest ResponseYou've already chosen the best response.3
No, you may've mistyped something into your calculator.
 one year ago

LimitlessBest ResponseYou've already chosen the best response.3
Oh, for \(1+\frac{r}{n}\)? Not quite. You have to do \(1+\frac{0.06}{365}\) since the interest is compounded every day and there are \(365\) days in the year.
 one year ago

HeroBest ResponseYou've already chosen the best response.0
Looks like someone already helped you?
 one year ago
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