SOLUTION: Arianna invested $1,100 in an account paying an interest rate of 5.3% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be

Question 1140467: Arianna invested $1,100 in an account paying an interest rate of 5.3% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 14 years?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
assuming 365 days in a year, the future value will be $2,310.020303.

i used the Texas Instruments Business Analyst II calculator.

inputs were:

present value = -1100
future value = 0
payment = 0
number of time periods = 14 * 365 = 5110
interest rate per time period = 5.3 / 365.014520548%

i had the calculator compute the future value and the calculator told me the future value was $2,310.020303.

you can do the same with the online financial calculator at https://arachnoid.com/finance/

here's the display of the results.

$$$

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