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Find the final amount for the investment given you initially have $5500 earning 6.25% interest compounded daily for 5 years rounded correctly. A. $289,093.75 B. $7447.44 C. $7447.45 D. $7517.41 E. $7517.
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Find the final amount for the investment given you initially have $5500 earning

6.25% interest compounded daily for 5 years rounded correctly.
A. $289,093.75 B. $7447.44
C. $7447.45
D. $7517.41
E. $7517.40

User Neal Stublen
by
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1 Answer

4 votes
is the final value
P is the initial principle
r is the (annual) interest rate (as a decimal)
t is time (years)

10500%2Ae%5E%28%28.0625%2A25%29%29
User MediaJunkie
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8.6k points
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