$16,000 is invested for 3 years with an APR of 3% and daily compounding. The balance in the account after 3 years is

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Snjmhj asked Mar 26, 2022

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$16,000 is invested for 3 years with an APR of 3% and daily compounding. The balance in the account after 3 years is

Mathematics
college

Snjmhj asked Mar 26, 2022

by Snjmhj

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1 Answer

19 votes

Answer:

$17,440

Explanation:

the interest every year

=$16,000×3%

=$16,000×3/100

=$480

the balance after 3 years

=$16,000+3($480)

=$16,000+$1,440

=$17,440

Jmoreno answered Apr 1, 2022

by Jmoreno

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