Question

Can you help me on this. It is due today

Answer 1

The amount after 6 years is $3906.18

Explanation:

Step 1 :

Given,

Principal = $3500

number of years = 6

Rate of interest = 1.83% compounded daily

We need to determine the amount

Step 2 :

The amount can be computed using the formula

A = P
`(1 + (r)/(100) )^(n)`

where P represents the principal amount

r = interest rate

n = number of terms.

Here, interest = 1.83% daily = 1.83 ÷ (100× 365)

n = 6 × 365 (because interest given is compounded daily)

Hence A = 3500 (
`(1 + (1.83)/(365 * 100 ) )^(6 * 365)`) = $3906.18

Step 3 :

Answer :

The amount after 6 years is $3906.18