i = .035/365 = .00009589.. (I store this in my calculator memory so I don't lose any accuracy)
amount = 28000(1 + .00009589..)^68
= 28183.16
for the 2nd problem,
the 3000 earns interest for 20 + 30 or 50 days
the 650 for 10+30 or 40 days
then 1200 for 12 days
amount = 3000(1.00009589)^50 + 650(1.00009589)^40 + 1200(1.00009589)^12
= 4868.296 , not bad eh?
Please help me and show an understanding please, so I see how to figure them out.
Lee deposited $28,000 in an interest-bearing checking account that earns 3.5% interest compounded daily. Find the amount after 68 days.
a.$183.16
b.$28,180.46
c.$28,183.16
d.$180.46
On April 10th, Nicholas deposited $3,000 in a savings account paying 3.5% compounded daily. He deposited an additional $650 on April 20 and $1,200 on May 18. Find the compound amount on May 30.
a. $4,850
b. $4,873.31
c. $4,868.30
d. $48.30
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The first one, I got close to the answers, but its not any one of the choices. So please help. and the last one, I have no idea how to do it.
1 answer
1 answer