document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=621169>Question 621169</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If $8500 is invested at a rate of 6% per year compounded daily, what is the balance after 4 years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #390601 by </B><A HREF=/tutors/aboutme.mpl?userid=nerdybill><B>nerdybill(7384)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nerdybill><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=nerdybill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=390601\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">     If $8500 is invested at a rate of 6% per year compounded daily, what is the balance after 4 years?<BR>\n" );
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document.write( "A = P(1+r/n)^(nt)<BR>\n" );
document.write( "where<BR>\n" );
document.write( "A is amount after time t (what we're looking for)<BR>\n" );
document.write( "P is principal (8500)<BR>\n" );
document.write( "r is rate (.06)<BR>\n" );
document.write( "n is times compounded (365)<BR>\n" );
document.write( "t is years invested (4)<BR>\n" );
document.write( ".<BR>\n" );
document.write( "A = P(1+r/n)^(nt)<BR>\n" );
document.write( "A = 8500(1+.06/365)^(365*4)<BR>\n" );
document.write( "A = 8500(1+.000164384)^(365*4)<BR>\n" );
document.write( "A = 8500(1.000164384)^1460<BR>\n" );
document.write( "A = 8500(1.271224077)<BR>\n" );
document.write( "A = $10805.40\r<BR>\n" );
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document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );