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coolaidd
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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
 2 years ago
 2 years ago
coolaidd Group Title
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
 2 years ago
 2 years ago

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Limitless Group TitleBest ResponseYou've already chosen the best response.3
What formula or formulae do you think might be appropriate here?
 2 years ago

coolaidd Group TitleBest ResponseYou've already chosen the best response.0
t=10, so p(10)=430*1.009^10?
 2 years ago

Limitless Group TitleBest 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
 2 years ago

coolaidd Group TitleBest ResponseYou've already chosen the best response.0
do i get 1.06
 2 years ago

Limitless Group TitleBest ResponseYou've already chosen the best response.3
No, you may've mistyped something into your calculator.
 2 years ago

coolaidd Group TitleBest ResponseYou've already chosen the best response.0
for the first step
 2 years ago

Limitless Group TitleBest 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.
 2 years ago

Hero Group TitleBest ResponseYou've already chosen the best response.0
Looks like someone already helped you?
 2 years ago
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