SOLUTION: $2000 earning 5.5% interest compounded daily for 3 years

SOLUTION: $2000 earning 5.5% interest compounded daily for 3 years

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Question 307883: $2000 earning 5.5% interest compounded daily for 3 years
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
P=C(1+r/n)^nt
C= 2000
r=5.5
n=365
t= 3
P= 2000(1+(0.055/365))^365*3
P= 2378.75
$378.75is the interest
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