you invest an initial $4,500 in an account that has an annual interest rate of4.5% compounded daily. How much money will you have in the account after 10 years? Round your answer to the nearest whole number.

Question

you invest an initial $4,500 in an account that has an annual interest rate of4.5%  compounded daily. How much money will you have in the account after 10 years? Round your answer to the nearest whole number.

anonymous · Answer

"P" stands for principle.
"R" stands for rate or interest rate
"M*" stands for months
"T" stands for time 

so it says, "you invest an initial $4,500 in an account," which means money you are spending now or how much you start with.

P=4500[1+.045/(compound daily)]^(m**10)

anonymous · Answer

the formula is:  P2=P1*(1-r/m)^(m*t)

anonymous · Answer

it is saying compound daily, which means 365 days.

it is said monthly, it m=12 months
quarterly, m=4
get it? 

so, P=4500*(1+.045/365)^(365*10) <-- you can just put this in the cal and get your final answer.

anonymous · Answer

I dont think Im getting the right answer?

anonymous · Answer

what are your choices

anonymous · Answer

180

anonymous · Answer

that's it?

anonymous · Answer

Really, thanks a lot you really helped me.

anonymous · Answer

i  wrote the formula sign wrong. it's
A=P*(1+r/m)^(m*t)