SOLUTION: Find the amount that results when $11600 is invested at 15% compounded daily for five years. Round your answer to the nearest dollar. Do not use a dollar sign or a comma.

Algebra ->  Equations -> SOLUTION: Find the amount that results when $11600 is invested at 15% compounded daily for five years. Round your answer to the nearest dollar. Do not use a dollar sign or a comma.       Log On


   

Question 1110870: Find the amount that results when $11600 is invested at 15% compounded daily for five years. Round your answer to the nearest dollar. Do not use a dollar sign or a comma.

Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
11600 for 5 years at 15%, compounded daily equals:
11600x(1+(.15/360)^(360x5)
11600 x 2.1167=24553.36
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