document.write( "Question 797516: Calculate what $900 would grow to at 7.5% per year compounded daily for 7 years. (Please use only the following provided \n" ); document.write( "
Algebra.Com's Answer #481828 by jerryguo41(197) You can put this solution on YOUR website! Annual Compound Interest Formula: \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "Where: \n" ); document.write( "P = principal amount (the initial amount you borrow or deposit) \n" ); document.write( "r = annual rate of interest (as a decimal) \n" ); document.write( "t = number of years the amount is deposited or borrowed for. \n" ); document.write( "A = amount of money accumulated after n years, including interest. \n" ); document.write( "n = number of times the interest is compounded per year \r \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "You would have $1493.14.\r \n" ); document.write( "\n" ); document.write( "If you choose to do it with out the general formula, you can multiply 900 buy 1.075 then take the result and multiply by 1.075 again. Doing this 7 times will result in the same answer. \n" ); document.write( " |