SOLUTION: A recent college graduate has $34000 in student loans and due to a hardship, has their payments deferred for 3 years. If the interest rate on those student loans is 3.5% compounded

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Question 1088194: A recent college graduate has $34000 in student loans and due to a hardship, has their payments deferred for 3 years. If the interest rate on those student loans is 3.5% compounded daily, what will be the balance at the end of 3 years rounded to the nearest penny? $____
Answer by Edwin McCravy(20065) About Me  (Show Source):
You can put this solution on YOUR website!
A=P%281%2Br%2Fn%29%5E%28nt%29

Using 1 year = 365 days, plug in the formula,
using a scientific calculator and rounding to 
the nearest penny:

A=34000%281%2B0.035%2F365%29%5E%28365%2A3%29

A=%22%2437763.97%22

Edwin