document.write( "Question 1155335: $4 is invested daily, at 6% for 10 years. The total is x amt. Determine the amount.\r
\n" ); document.write( "\n" ); document.write( "6% = .06\r
\n" ); document.write( "\n" ); document.write( "10 years = 3650 days.\r
\n" ); document.write( "\n" ); document.write( "Not sure how to solve. \n" ); document.write( "

Algebra.Com's Answer #777914 by Theo(13342) $\"\"$ $\"About$

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this looks like the sum of a geometric series should give you the answer.
\n" ); document.write( "i also confirmed the answer with a financial calculator that finds the future value of payments
\n" ); document.write( "the sum of a geometric series formuls is Sn = A1 * (r^n -1) / (r - 1)
\n" ); document.write( "the common ratio is 1 + .06 = 1.06
\n" ); document.write( "A1 = 4
\n" ); document.write( "the formula becomes S₃₆₅₀ = 4 * (1.06 ^ 3650 - 1) / (1.6 - 1).
\n" ); document.write( "this formula is evaluarted to get:
\n" ); document.write( "S₃₆₅₀ = 1.549947391 * 10 ^ 94.
\n" ); document.write( "i also used the financial calculator with the following inputs.
\n" ); document.write( "present value = 0
\n" ); document.write( "future value = 0
\n" ); document.write( "payment = 4 dollars (entered as -4)
\n" ); document.write( "interest rate = 6% per day
\n" ); document.write( "number of days = 3650
\n" ); document.write( "the calculator told me that the future value was 1.549947391 * 10 ^ 94.
\n" ); document.write( "i didn't really expect it to be right on, but it was.
\n" ); document.write( "after i determined why it was right on, i felt more comfortable with the answer.
\n" ); document.write( "your solution is:
\n" ); document.write( "the value at the end of 10 years is 1.549947391 * 10 ^ 94. \n" ); document.write( "

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