Question

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

Answer 1

$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