SOLUTION: $2000 earning 5.5% interest compounded daily for 3 years

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: $2000 earning 5.5% interest compounded daily for 3 years      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 307883: $2000 earning 5.5% interest compounded daily for 3 years
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
P=C(1+r/n)^nt
C= 2000
r=5.5
n=365
t= 3
P= 2000(1+(0.055/365))^365*3
P= 2378.75
$378.75is the interest