Oliver invested 53,000 in an account paying an interest rate of 2.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 20 years?

Solución

Oliver invested 53, 000 in an account paying an interest rate of 2.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 20 years?

Solución

Amount : 90946.55

Pasos de solución

Translate the problem into an equation:

A = 53000 (1 + \frac{0.027}{365})^{365 \cdot 20}

53000 (1 + \frac{0.027}{365})^{365 \cdot 20} = 90946.54732 \dots

Round to the nearest hundredth:

90946.55

Amount : 90946.55

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