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)\"\" \"About 
You can put this solution on YOUR website!
Annual Compound Interest Formula:
\n" ); document.write( "\"A=P%281%2Br%2Fn%29%5Ent\"\r
\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( "\"A=900%281%2B0.075%29%5E7\"
\n" ); document.write( "\"A=900%281.075%29%5E7\"
\n" ); document.write( "\"A=1493.14\"\r
\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.
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