SOLUTION: $38,520 is deposited into an account that earns 5.8% interest,which is compounded daily.How much money will be in the account after 8 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: $38,520 is deposited into an account that earns 5.8% interest,which is compounded daily.How much money will be in the account after 8 years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1125960: $38,520 is deposited into an account that earns 5.8% interest,which is compounded daily.How much money will be in the account after 8 years?
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
Daily interest rate: 0.058/365 = 0.0001589
38,520(1.0001589)^365*8 = 38,520*1.59 = 61,246.80
after 8 years there will be 61,246.80 in the account