Duplicate Question
The question on this page has been marked as a duplicate question.
Original Question
Find the amount of compound interest earned in an account that opens with $29,000, earns 2.8% interest compounded daily, and is...Asked by Danny
Find the amount of compound interest earned in an account that opens with $23,000, earns 3.9% interest compounded daily, and is held for 15 years. Assume 360 days in a year. (Round your answer to the nearest cent.)
Answers
Answered by
jenny
i=.039/360=.000108333
n=15*360=5400
Amount=2300(1.000108333)^5400
=30153.83
Interest earned=30153.83-23000=$7,153.83
n=15*360=5400
Amount=2300(1.000108333)^5400
=30153.83
Interest earned=30153.83-23000=$7,153.83
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.