You invest an initial $2,000 in an account that has an annual interest rate of 6% compunded daily. How much money will you have in the account after 15 years?

Question

jim_thompson5910 · Answer

Use the same formula as last time, but now P = 2000, r = 0.06, n = 365 (assuming it's not a leap year) and t = 15

jim_thompson5910 · Answer

So you should have


A = 2000(1+0.06/365)^(365*15)

anonymous · Answer

So to start: A= 2000(0.0029041095890411)^5475

jim_thompson5910 · Answer

no, you divide 0.06 by 365 first before you add

jim_thompson5910 · Answer

so it should be

1+0.06/365

1 + 0.00016438356164

1.00016438356164


So the overall expression should be 


A = 2000(1.00016438356164)^5475

jim_thompson5910 · Answer

let me know what you get for the answer

anonymous · Answer

2.45942119*2000= $4,919

jim_thompson5910 · Answer

very good, you got it

anonymous · Answer

Yay! =) Thank you so much for all your help! There are only three more problems I need some assistance on

jim_thompson5910 · Answer

alright post them over to the left and I'll help you out