SOLUTION: Adair has deposited $361 in a savings account that earns interest at a rate of 1.3% compounded daily. What will the account balance be in 16 years?

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Question 1132260: Adair has deposited $361 in a savings account that earns interest at a rate of 1.3% compounded daily. What will the account balance be in 16 years?
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.
Assuming 365 days in an year, the Future Value is


FV = 361%2A%281%2B0.013%2F365%29%5E%2816%2A365%29 = 444.47 dollars.



You can use more complicated formula to account for 4 leap-years 


FV = 361%2A%281%2B0.013%2F365%29%5E%2812%2A365%29.%281%2B0.013%2F366%29%5E%284%2A366%29 = 444.47 dollars.

Interesting, that with two decimal places, you have the same Future Value.