Jackson invested 8,800 in an account paying an interest rate of 7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 13 years?

Solución

Jackson invested 8, 800 in an account paying an interest rate of 7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 13 years?

Solución

Amount : 21860.13

Pasos de solución

Translate the problem into an equation:

A = 8800 (1 + \frac{0.07}{365})^{365 \cdot 13}

8800 (1 + \frac{0.07}{365})^{365 \cdot 13} = 21860.13093 \dots

Round to the nearest hundredth:

21860.13

Amount : 21860.13

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