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.

Answer 1

First, What is 0.06 times 15?

Answer 2

Once you find the product of that, multiply it by 2,000 and add it to 2,000

Answer 3

0.9

Answer 4

32000

Answer 5

\[y=yoe ^{tk}\]

Answer 6

yo: initial amount 2000
t: time 15
k: rate 6/100 dealy

Answer 7

\[\large A=2000(1+\frac{0.06}{365})^{(365\times15)}=2000(1.000164384)^{5475}\]