SOLUTION: Find the amount of compound interest earned in an account that opens with $26,000, earns 5.6% interest compounded daily, and is held for 5 years. Assume 360 days in a year. (Round
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Question 632489: Find the amount of compound interest earned in an account that opens with $26,000, earns 5.6% interest compounded daily, and is held for 5 years. Assume 360 days in a year. (Round your answer to the nearest cent.) Answer by unlockmath(1688) (Show Source):
You can put this solution on YOUR website! Hello,
We use this formula to calculate it:
A=P(1+r/n)^nt
Plug in the values:
A=26,000(1+.056/360)^360(5)
A=$34,400.63 (rounded off)
Make sense?
RJ
www.math-unlock.com
