Asked by Kay
$400 invested at 3% compounded daily after a period of 3 years=$?(round to nearest cent)
Answers
Answered by
Reiny
i = .03/365 = .000082191
n = 3(365) = 1095
amount = 400(1.000082191)^1095 = 437.67
(using continuous compounding it would be
400 e^(3(.03)) = 400 e^.09 = 437.67 )
n = 3(365) = 1095
amount = 400(1.000082191)^1095 = 437.67
(using continuous compounding it would be
400 e^(3(.03)) = 400 e^.09 = 437.67 )
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