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Beliebt Word Problems >

Tyra invests 5400 in a new savings account which earns 4.3% annual interest, compounded daily. What will be the value of her investment after 6 years? Round to the nearest cent.

Lösung

T yr a in v es t s 5400 in a n e w s a v in g s a cco u n t w hi c h e a r n s 4.3% ann u a l in t eres t, co m p o u n d e d d ai l y . Wha t w i ll b e t h e v a l u e o f h er in v es t m e n t a f t er 6 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Lösung

Amount : 6989.32

Schritte zur Lösung

Translate the problem into an equation:

A = 5400 (1 + \frac{0.043}{365})^{365 \cdot 6}

5400 (1 + \frac{0.043}{365})^{365 \cdot 6} = 6989.32340 \dots

Round to the nearest hundredth:

6989.32

Amount : 6989.32

Beliebte Beispiele

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