SOLUTION: Find the amount of compound interest earned in an account that opens with $29,000, earns 5.2% interest compounded daily, and is held for 25 years. Assume 360 days in a year. (Roun

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Find the amount of compound interest earned in an account that opens with $29,000, earns 5.2% interest compounded daily, and is held for 25 years. Assume 360 days in a year. (Roun      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 586127: Find the amount of compound interest earned in an account that opens with $29,000, earns 5.2% interest compounded daily, and is held for 25 years. Assume 360 days in a year. (Round your answer to the nearest cent.)
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=29000(1+0.052/360)^360*25
A=29000(1.00014444)^9000
A=29000*3.6688
A=$106,395.35