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You put $2012 into an account earning 4.345% interest compounded daily. find the amount in the account at the end of 8 years

You put $2012 into an account earning 4.345% interest compounded daily. find the amount in the account at the end of 8 years
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14 votes
you put $2012 into an account earning 4.345% interest compounded daily. find the amount in the account at the end of 8 years

User Tharsan Sivakumar
by
7.8k points

1 Answer

8 votes
y = P(1+(r/365))^365t

y = 2012(1+(0.0435/365))^365(8)

plug into calculator

answer: $2849.4
User Zeeshan Ghazanfar
by
8.7k points
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