Question

1760 is compounded daily at a rate of 6% for 7 years

Answer 1

Principal amount is $1510, so P = 1,760 dollars.

Compounding period is daily, so N = 365.

Interest rate is 6%, so r = 0.06

Time of investment is 7 years, so t = 7 years.

We can use compound interest formula as given below :-

Amount =
`P*(1+(r)/(N) )^((N*t))`

`Amount=1760*(1+(0.06)/(365) )^((365*7)) \\\\ </p><p>Amount=1760*(1+0.000164384)^((2555)) \\\\ </p><p>Amount=1760*(1.000164384 )^((2555)) \\\\ </p><p>Amount=1760*(1.521909017) \\\\ </p><p>Amount=2678.55987 \approx 2678.56 \;dollars`

Hence, total amount in account would be 2,678.56 dollars.