You invest an initial $2,000 in an account that has an annual interest rate of 6%, compounded daily. How much money will you have in the account after 15 years? Round your answer to the nearest whole number. Type the numeric answer only. Do not type a comma. Do not type a dollar sign.

Question

You invest an initial $2,000 in an account that has an annual interest rate of 6%, compounded daily. How much money will you have in the account after 15 years?      Round your answer to the nearest whole number. Type the numeric answer only.  Do not type a comma. Do not type a dollar sign.

jim_thompson5910 · Answer

Use the formula

A = P(1+r/n)^(n*t)

jim_thompson5910 · Answer

In this case

P = 2000  (amount invested)
r = 0.06  (interest rate)
n = 365  (compounding frequency)
t = 15    (number of years)

anonymous · Answer

Thank you! Would 4919 be correct?

anonymous · Answer

@jim_thompson5910

jim_thompson5910 · Answer

one sec and I'll check

jim_thompson5910 · Answer

I'm getting 4,918.84238915473 which rounds to 4,919

so you are correct, it's 4919

anonymous · Answer

Thank you very much! :)

jim_thompson5910 · Answer

you're welcome