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Calculate the future value (in dollars) of $1,450 deposited into an account earring an annual simple interest rate of 5% compounded daily after 3 years. Round to the nearest cent

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Principal (P)= $1,450

Simple Interest rate (R) = 5%

time (T) = 3 years

n = 365

Future value = Amount. + Principal


FV=P(1+(r)/(n))^(nt)-P+P=P(1+(r)/(n))^(nt)
\Rightarrow FV=1450(1+(0.05)/(365))^(365*3)=1684.54

Therefore, the Future value = $1684.54

User Gaurav Ojha
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