SOLUTION: How to find compound interest and future value. Please break future value calculation down for easy guidance. Assume 365 day year. Principal= 3315. Rate= 8%. Compounded daily. Time

Algebra ->  Complex Numbers Imaginary Numbers Solvers and Lesson  -> Lesson -> SOLUTION: How to find compound interest and future value. Please break future value calculation down for easy guidance. Assume 365 day year. Principal= 3315. Rate= 8%. Compounded daily. Time      Log On


   

Question 1072544: How to find compound interest and future value. Please break future value calculation down for easy guidance. Assume 365 day year. Principal= 3315. Rate= 8%. Compounded daily. Time 5 years.
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
P=Po(1+r/n)^nt
r=0.08
n=365
t=5
round at the end
3315(1+(.08/365))^1825=$4945.18
Can check this by seeing if it is close to continuously compounding, but not quite.
Continuous is Poe^(rt)=$4945.40