SOLUTION: What is the interest on $6,500.00 at 4% compounded daily for 7 months?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: What is the interest on $6,500.00 at 4% compounded daily for 7 months?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 369543: What is the interest on $6,500.00 at 4% compounded daily for 7 months?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Assume 30 days in one month.
360 days in one year.
n=7%2830%29=210
i=0.04%2F360=1%2F9000
F=6500%281%2B1%2F9000%29%5E%28210%29
F=6500%281.023606%29
highlight_green%28F=6653.44%29