Question

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?

Answer 1

\(\bf balance = principal\left( 1 + \cfrac{ r }{ n } \right)^{nt}\\
principal = \textit{starting amount}\\
r = \textit{rate in decimals}\\
n = \textit{periods per year}\\
t = years\)

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