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You invest an initial $2,000 in an account that has an annual interest rate of 6%, compounded daily. How much money will you have in the account after 15 years? Round your answer to the nearest whole number.
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You invest an initial $2,000 in an account that has an annual interest rate of 6%, compounded daily. How much money will you have in the account after 15 years? Round your answer to the nearest whole number.

User Frenchbaguette
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1 Answer

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The formula is
A=p (1+r/k)^kt
A future value?
P present value 2000
R interest rate 0.06
K compounded daily 365
T time 15 years
A=2,000×(1+0.06÷365)^(365×15)
A=4,918.84
User Kohei
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