Joanna Michael deposits $3,500 in a savings account that earns 2 % compounded daily. If no deposits or withdrawals are made, how much will be in the account after 5 years?

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asked Dec 3, 2021 73.0k views

2 votes

Joanna Michael deposits $3,500 in a savings account that earns 2 % compounded daily. If no deposits

or withdrawals are made, how much will be in the account after 5 years?

Mathematics
college

Gannonbarnett asked

by Gannonbarnett

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1 Answer

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Answer:$3868.09

Explanation:

A(t)=p(1+r/n)^nt

A(5)=3500(1+.02/365)^365(5)

Anton Petrusha answered Dec 7, 2021

by Anton Petrusha

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