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How much would Haiti’s balance be from account two over 3.4 years round to two decimal place

How much would Haiti’s balance be from account two over 3.4 years round to two decimal-example-1
User Abhishek Dubey
by
3.2k points

1 Answer

24 votes
24 votes

Solution:

Given:

Account 2 details:

Assume a year is 365 days;


\begin{gathered} P=\text{ \$}8100 \\ t=3.4years \\ r=5.1\text{ \%}=(5.1)/(100)=0.051 \\ n=365days \end{gathered}

Using the compound interest formula to get the amount;


A=P(1+(r)/(n))^(nt)

Hence, substituting the values;


\begin{gathered} A=8100(1+(0.051)/(365))^(365*3.4) \\ A=8100(1+(0.051)/(365))^(1241) \\ A=9633.55 \end{gathered}

Therefore, the balance in account 2 will be $9633.55

User Yasiru G
by
2.7k points
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