Register
Garrett has deposited $519 in a savings account that earns interest at a rate of 4.2% compounded daily. What will the account balance be in 17 years?
11.5k views
2 votes
Garrett has deposited $519 in a savings account that earns interest at a rate of 4.2% compounded daily. What will the account balance be in 17 years?

User Hmcclungiii
by
8.7k points

1 Answer

6 votes
The formula is
A=p (1+r/k)^kt
A future value?
P present value 519
R interest rate 0.042
K compounded daily 365
T time 17 years
A=519×(1+0.042÷365)^(365×17)
A=1,059.83

Hope it helps!
User Flauntster
by
8.1k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
Link Copied!