Question

Help me solve these problems please

Answer 1

Principal amount is $1510, so P = 1,510 dollars.

Compounding period is daily, so N = 365.

Interest rate is 12%, so r = 0.12

Time of investment is 3 years, so t = 3 years.

We can use compound interest formula as given below :-

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

`Amount=1510*(1+(0.12)/(365) )^((365*3)) \\\\</p><p>Amount=1510*(1+0.000328767 )^((1095)) \\\\</p><p>Amount=1510*(1.000328767 )^((1095)) \\\\</p><p>Amount=1510*(1.433244609) \\\\</p><p>Amount=2164.199359 \approx 2164.20 \;dollars`

Hence, total amount in account would be 2,164.20 dollars.