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Beliebt Word Problems >

Find the amount to which 800 will grow under each of these conditions8% compounded daily for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

Lösung

F in d t h e am o u n t t o w hi c h 800 w i ll g ro w u n d er e a c h o f t h ese co n d i t i o n s 8% co m p o u n d e d d ai l y f or 10 ye a rs . Do n o t ro u n d in t er m e d ia t e c a l c u l a t i o n s . R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Lösung

Amount : 1780.28

Schritte zur Lösung

Translate the problem into an equation:

A = 800 (1 + \frac{0.08}{365})^{365 \cdot 10}

800 (1 + \frac{0.08}{365})^{365 \cdot 10} = 1780.27667 \dots

Round to the nearest hundredth:

1780.28

Amount : 1780.28

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