SOLUTION: Hi! Thank you so much for your help. I would like to know how you get this answer, so if you could provide the steps you got to get the answer in addition to the answer, that would

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: Hi! Thank you so much for your help. I would like to know how you get this answer, so if you could provide the steps you got to get the answer in addition to the answer, that would      Log On


   

Question 1061221: Hi! Thank you so much for your help. I would like to know how you get this answer, so if you could provide the steps you got to get the answer in addition to the answer, that would be most helpful. Thank you so much!
You invest an initial $4,500 in an account that has an annual interest rate of 4.5%, compounded daily. How much money will you have in the account after 10 years? Round your answer to the nearest whole number.
Answer by jorel555(1290) About Me  (Show Source):
You can put this solution on YOUR website!
The answer would be: 4500 x (1+.045/365)^(365x10)
=4500 x 1.56826868512, or $7057.20908303. ☺☺☺☺