compounded daily?
an=1000(1+0.08/365)^t where t is in days.
for instance, after 100 days, put this in your google search window:
1000(1+0.08/365)^100=
an amount of 1000 is deposited in a bank that pays 8% interest/year compounded daily (take the number of days in a year to be 365)
let an denote the total amount on deposit after n days, assuming no deposits or withdrawals are made during the period in question
a. find the formula for an
b. compute a1, a10. a50 and a100
c. what amount is on deposit after 1 year?
1 answer