SOLUTION: $16000 is invested at an APR of 3.5% compounded daily. Write a numerical expression that would compute the value of the investment after 30 years.

Question 1129983: $16000 is invested at an APR of 3.5% compounded daily. Write a numerical expression that would compute the value of the investment after 30 years.
Found 3 solutions by rapture1965, ikleyn, MathTherapy:
Answer by rapture1965(18)   (Show Source): You can put this solution on YOUR website!
Yesterday, 16,000 dollars was invested at an APR of 3.5% compounded daily. Write a numerical expression that would compute the value of the investment after 30 years.

Use the formula
A = P(1 + r/n)^(n)
A = 16,000(1 + 0.035/360)^(360)
Note: There are 360 months in 30 years.

Answer by ikleyn(52787)   (Show Source): You can put this solution on YOUR website!
.
The solution by @rapture is incorrect.

I hope he will read it and will fix it . . .

Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

$16000 is invested at an APR of 3.5% compounded daily. Write a numerical expression that would compute the value of the investment after 30 years.

Correct answer: If 360 days are used to represent a year, and A is used for Future Value, we then get:
If 365 days are used to represent a year, then just change 360 to 365.
That's it!!
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