Question

Fowler credit bank is offering 7.3 percent compounded daily on its savings accounts. you deposit $5,700 today. how much will you have in the account in 5 years? (

Answer 1

P = $5,700, the principal
r = 7.3% = 0.073, rate
n = 365, compounding interval
t = 5, number of years

Calculate the value in 5 years.

`A=P(1+ (r)/(n) )^(nt) =5700(1+2 * 10^(-4))^(1825)=8210.63`


Answer: $8,210.63