Asked by help appreciated
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?
Answers
Answered by
mathhelper
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)
i = .02/365 = .000054794
n = 6*365 = 2190
amount = 4(1.000054794^2190 - 1)/.000054794 = $9307.00
(silly question)
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.