$24,000 is invested for 3 years with an APR of 2% and daily compounding. Balance in the account after 3. years is $ ___

Answer 1

P = Po(1+r)^n.

r = (2%/365)/100% = 5.48*10^-5 = Daily %
rate expressed as a decimal.

n = 365Comp/yr * 3yrs = 1095 Compounding
periods.

Plug the above values into the given Eq
and solve for P.

Answer: P = $25,484.19