Question

Use B=P(1+r/n) to find out the balance in marks account if he deposited 1950.00 at 2% Compounded daily for 4 years

Answer 1

Answer: $2112.40

Explanation:

r = 0.02 (2%)

n = 365 (daily for a year)

p = 1950

You wrote the formula wrong too:

B = P x (1+r/n)^nt

t = 4

B = 1950 x 1.08...

B = $2112.40