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Popular Word Problems >

Robert invested 860 in an account paying an interest rate of 5.1% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 13 years?

Solução

R o b er t in v es t e d 860 in an a cco u n t p a y in g an in t eres t r a t e o f 5.1% co m p o u n d e d d ai l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t ce n t, w o u l d b e in t h e a cco u n t a f t er 13 ye a rs ?

Solução

Amount : 1668.84

Passos da solução

Translate the problem into an equation:

A = 860 (1 + \frac{0.051}{365})^{365 \cdot 13}

860 (1 + \frac{0.051}{365})^{365 \cdot 13} = 1668.84337 \dots

Round to the nearest hundredth:

1668.84

Amount : 1668.84

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