5) Karen deposits $4156 into an investment account that offers 3.45% interest per year, compounded daily. How much will her investment be worth after 6 years?

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asked Aug 7, 2024 209k views

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5) Karen deposits $4156 into an investment account that offers 3.45% interest per year, compounded daily. How much will her investment be worth after 6 years?

Mathematics
high-school

Danielpunkass asked

by Danielpunkass

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Answer:

$5111.76

Explanation:

compounded daily means 365 times interest is compounded per year, so

A=4156x
(1+(0.0345)/(365)) ^(365x6) ≈ 5111,76

Reox answered Aug 12, 2024

by Reox

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