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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
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  1. Limitless Group Title
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    What formula or formulae do you think might be appropriate here?

    • 2 years ago
  2. coolaidd Group Title
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    t=10, so p(10)=430*1.009^10?

    • 2 years ago
  3. Limitless Group Title
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    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
  4. coolaidd Group Title
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    do i get 1.06

    • 2 years ago
  5. Limitless Group Title
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    No, you may've mistyped something into your calculator.

    • 2 years ago
  6. coolaidd Group Title
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    for the first step

    • 2 years ago
  7. Limitless Group Title
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    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
  8. Hero Group Title
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    Looks like someone already helped you?

    • 2 years ago
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