Register

Use the compound interest formula to compute the total amount accumulated and the interest earned. ​$6500 for 5 years at 7​% compounded daily ​(use n equals=​360) The total amou…

Use the compound interest formula to compute the total amount accumulated and the interest earned. ​$6500 for 5 years at 7​% compounded daily ​(use n equals=​360) The total amou…
119k views
5 votes
Use the compound interest formula to compute the total amount accumulated and the interest earned.

​$6500 for 5 years at 7​% compounded daily ​(use n equals=​360)

The total amount accumulated after 5 years is ​?

User Swordsman
by
9.2k points

1 Answer

5 votes
A=6,500×(1+0.07÷360)^(360×5)
A=9,223.63

Interest earned
9223.63-6500==2,723.63
User Tyrel Richey
by
8.7k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!