Here's the question you clicked on:
coolaidd
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
What formula or formulae do you think might be appropriate here?
t=10, so p(10)=430*1.009^10?
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
No, you may've mistyped something into your calculator.
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.
Looks like someone already helped you?