SOLUTION: find the amount of compound interest earned in an account that opens with $23,000, earns 3.7% interest compounded daily, and held for 10 years. Assume 360 days in a year. Round y
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Question 604721: find the amount of compound interest earned in an account that opens with $23,000, earns 3.7% interest compounded daily, and held for 10 years. Assume 360 days in a year. Round your answer to the nearest cent. please show me how to do this step by step Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! find the amount of compound interest earned in an account that opens with $23,000, earns 3.7% interest compounded daily, and held for 10 years. Assume 360 days in a year. Round your answer to the nearest cent.
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r = 0.037/360% per day
# of days = 3600
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FV = 23000*(1 + 0.037/360)^3600
FV =~ $33297.26
