Asked by help
Kelly opened a savings account with $500 she received at 8th grade graduation four years ago. The account pays 2.5 percent compounded daily. How much should be in the account now?
Answers
Answered by
Reiny
I will assume 365 days
i = .025/365
so n = 4(365) = 1460
amount = 500(1 + .025/364)^1460
I got 552.58
i = .025/365
so n = 4(365) = 1460
amount = 500(1 + .025/364)^1460
I got 552.58
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