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 549797: 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 jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Start with the compound interest formula

Plug in , (the decimal equivalent of 1.3%), and .

Evaluate to get

Add to to get

Multiply and to get .

Evaluate to get .

Multiply and to get .

Round to the nearest hundredth (ie to the nearest penny).

So the account balance will be $444.47

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