SOLUTION: Find the amount of compound interest earned in an account that opens with $22,000, earns 6.3% interest compounded daily, and is held for 15 years

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Question 604835: Find the amount of compound interest earned in an account that opens with $22,000, earns 6.3% interest compounded daily, and is held for 15 years
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Find the amount of compound interest earned in an account that opens with $22,000, earns 6.3% interest compounded daily, and is held for 15 years
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A(t) = P(1+(r/n))^(nt)
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A(15) = 22000(1+(0.063/365))^(365*15) = $56,597.28
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Cheers,
Stan H.