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Find the amount accumulated if 50000 is invested for 20 years at a rate of 7% compounded daily

User Noobninja
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1 Answer

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The formula for compound interest is given by :

A=P(1+r/n)^(nt)


A=P(1+(r)/(n) )^(nt)

Here we are given that

P=50000

time(t) = 20 years

rate =7%=0.07

n=365 ( daily)

Plugging in the values in the given formula we get


A=50000(1+(0.07)/(365) ^(365*20)

Answer : A=202732.78381....

User MBaas
by
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