To use our formulas, the interest period must coincide with the payment period, so we need the 2% to be compounded daily.
i = .02/365 = .000054794
n = 6*365 = 2190
amount = 4(1.000054794^2190 - 1)/.000054794 = $9307.00
(silly question)
Every day for 6 years, you deposit $4 into an account that earns 2% per annum, compounded daily. What is the amount in the account after the 6 years?
1 answer
1 answer