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26 May, 00:32

Use B=P (1+r/n) to find out the balance in marks account if he deposited 1950.00 at 2% Compounded daily for 4 years

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  1. 26 May, 00:52
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    Answer: $2112.40

    Step-by-step explanation:

    r = 0.02 (2%)

    n = 365 (daily for a year)

    p = 1950

    You wrote the formula wrong too:

    B = P x (1+r/n) ^nt

    t = 4

    B = 1950 x 1.08 ...

    B = $2112.40
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