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24 April, 05:35

Use the compound interest formula to compute the total amount accumulated and the interest earned.

$6500 for 5 years at 7 % compounded daily (use n equals= 360)

The total amount accumulated after 5 years is ?

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Answers (1)
  1. 24 April, 05:40
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    A=6,500 * (1+0.07:360) ^ (360*5)

    A=9,223.63

    Interest earned

    9223.63-6500==2,723.63
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