SOLUTION: Adair has deposited $361 in a savings account that earns interest at a rate of 1.3% compounded daily. What will the account balance be in 16 years?

Question 1132260: Adair has deposited $361 in a savings account that earns interest at a rate of 1.3% compounded daily. What will the account balance be in 16 years?
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.

Assuming 365 days in an year, the Future Value is


FV =  = 444.47 dollars.



You can use more complicated formula to account for 4 leap-years 


FV = . = 444.47 dollars.

Interesting, that with two decimal places, you have the same Future Value.

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