SOLUTION: Use the compound interest formula above to compute the total amount after $3000 is invested at 4% over 2 years compounded daily. (Use n=360).

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Question 138599: Use the compound interest formula above to compute the total amount after $3000 is invested at 4% over 2 years compounded daily. (Use n=360).



Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Use the compound interest formula above to compute the total amount after $3000 is invested at 4% over 2 years compounded daily. (Use n=360).
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A(t) = P(1+(r/n))^(nt)
A(2) = 3000(1+(0.04/360))^(360*2)
A(2) = 3000(1.00011111)^(720)
A(2) = 3000*1.08328..
A(2) = $3249.85
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Cheers,
Stan H.