Question 63518: Use the compound interest formula A=p[1+r/n]^nt to compute the total after $3500.00 is invested at 8% over 5 years compounded daily (Usen=360). Then compute the interest earned.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Use the compound interest formula A=p[1+r/n]^nt to compute the total after $3500.00 is invested at 8% over 5 years compounded daily (Usen=360). Then compute the interest earned.
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A=p[1+r/n]^nt
A=3500[1+0.08/5]^(360*5)
A=$8,968,965,440,000,000,00
Interest = A-3500=2,562,561,551,000.00
Cheers,
Stan H.
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