SOLUTION: Bill invested $9142 in an account at 3% compounded daily. Calculate the total investment after 2 years. Round your answer to the nearest penny if necessary. The total investment i
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Question 917695: Bill invested $9142 in an account at 3% compounded daily. Calculate the total investment after 2 years. Round your answer to the nearest penny if necessary. The total investment is given by A=P(1+fraction r/n)nt so: A 9142=(1+.03/352)352x2=total investment.
I am not real sure if by daily the number of periods per year should be indicated as 352 or not. Secondly I am a still a little confused at how this equation works. Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! It's compounded daily but I'm not sure why you used 352.
Typically you use 365 days per year or 360 days.
I'll use 365.
He invested $9142 so where stands for principal.
So then (I use F to remind me that this is the future value of the principal P),
