Use the appropriate compound interest formula to compute the balance in the account after the stated period of time

$24 comma 00024,000

is invested for

22

years with an APR of

66 %

and daily compounding.

Question

Nancy Martinez

Mathematics

11 August, 22:13

Use the appropriate compound interest formula to compute the balance in the account after the stated period of time

$24 comma 00024,000

is invested for

22

years with an APR of

66 %

and daily compounding.

+1

Answers (1)

Know the Answer?

Lincoln Stanton · Answer 1

We assume you're investing $24,000 for 2 years at an APR of 6%.

The appropriate formula is

... A = P (1 + r/n) ^ (nt)

where P = 24,000, r = 0.06, n = 365, t = 2.

... A = 24,000 (1 +.06/365) ^ (365*2) ≈ 27,059.66

The balance will be $27,059.66.

Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $24 comma 00024,000is invested for22years with an APR of66 %and daily compounding.

Use the appropriate compound interest formula to compute the balance in the account after the stated period of time

$24 comma 00024,000

is invested for

22

years with an APR of

66 %

and daily compounding.