Fowler credit bank is offering 6.9 percent compounded daily on its savings accounts. you deposit $5,300 today. how much will you have in the account in 4 years?

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asked Dec 20, 2018 77.1k views

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PKuhn · Answer 1 · 2018-12-24T00:32:05+0000

Principal, P = $5,300
Rate, r = 6.9% = 0.069
Compounding interval, n = 365
Time, t = 4 years

Note that n*t = 365*4 = 1460.
The value after 4 years is
A = 5300*(1 + 0.069/365)¹⁴⁶⁰ = 5300*1.3178 = 6984.41

Answer: $6,984.41

Fowler credit bank is offering 6.9 percent compounded daily on its savings accounts. you deposit $5,300 today. how much will you have in the account in 4 years?

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