Question

Paige deposited $200 into a bank that offers 3.3% interest rate, compounded daily. In how many years will her balance be $400?

A) 17.7
B) 18.5
C) 20.9
D) 21.8

Answer 1

C ~~~ APEX
APEXXXXX

Answer 2

20.9 years

Step-by-step explanation:

The equation for interested compounded daily is:

`N=N_(0)*(1+(i)/(365))^(365*n)`

Where 'N' is the final value, 'N0' is the initial value deposited, and 'i' is the interest rate, plugging in the given data:

`400=200*(1+(0.033)/(365))^(365*n)\\2=1.00009^((365*n))\\log(2) = 365*n*log(1.00009)\\n= (log(2))/(365*log(1.00009))\\n= 20.9`

It will take 20.9 years for her balance to reach $400