Question 797516: Calculate what $900 would grow to at 7.5% per year compounded daily for 7 years. (Please use only the following provided Answer by jerryguo41(197) (Show Source):
You can put this solution on YOUR website! Annual Compound Interest Formula:
Where:
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
You would have $1493.14.
If you choose to do it with out the general formula, you can multiply 900 buy 1.075 then take the result and multiply by 1.075 again. Doing this 7 times will result in the same answer.
