SOLUTION: $8000 @ 1.35 interested compound daily will yeild how much per year and per month

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Question 360726: $8000 @ 1.35 interested compound daily will yeild how much per year and per month
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
A=P%281%2Br%2Fn%29%5E%28n%2At%29 Start with the compound interest formula


A=8000%281%2B0.0135%2F365%29%5E%28365%2A1%29 Plug in P=8000 (the amount invested), r=0.0135 (the decimal equivalent of 1.35%), n=365 (since it's compounded daily) and t=1 (for one year).


A=8000%281%2B0.00003698630137%29%5E%28365%2A1%29 Evaluate 0.0135%2F365} to get 0.00003698630137


A=8000%281.00003698630137%29%5E%28365%2A1%29 Add 1 to 3.6986301369863e-005 to get 1.00003698630137


A=8000%281.00003698630137%29%5E%28365%29 Multiply 365 and 1 to get 365.


A=8000%281.0135912834057%29 Evaluate %281.00003698630137%29%5E%28365%29 to get 1.0135912834057.


A=8108.73026724562 Multiply 8000 and 1.0135912834057 to get 8108.73026724562.


A=8108.73 Round to the nearest hundredth (ie to the nearest penny).


So in one year, you'll have $8108.73 in the account.