Asked by tanya

can someone help me with this problem for this problem you will use 0.02/365 for your interest. You deposit $1000 at 2% for 20 years, compounded daily.
Answered by Reiny
i = .02/365 = .....
n = 20(12) = 240

using
amount = principal(1 + i)^n

amount = 1000(1 + .02/365)^240

my keystrokes on my calculator are:

.02รท365
=
+ 1
=
y<sup>x</sup>
240
=
x 1000
=

to get $1013.23
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