haley has deposited 816 in a savings account that earns interest rate of 2.9% compounded dailey. what will the account balance be in nine years?

Question

jdoe0001 · Answer

$\bf balance = principal\left( 1 + \cfrac{ r }{ n } \right)^{nt}\
principal = \textit{starting amount}\
r = \textit{rate in decimals}\
n = \textit{periods per year}\
t = years$

in a year, there are 365 days, so the period will be 365 periods, thus n = 365
rate  for 2.9% will be 0.029 in decimals