Question 342034


{{{A=P(1+r/n)^(n*t)}}} Start with the compound interest formula



{{{A=12500(1+0.0825/365)^(365*12)}}} Plug in {{{P=12500}}}, {{{r=0.0825}}} (the decimal equivalent of 8.25%), {{{n=365}}} and {{{t=12}}}.



{{{A=12500(1+0.000226027397260274)^(365*12)}}} Evaluate {{{0.0825/365}}}} to get {{{0.000226027397260274}}}



{{{A=12500(1.00022602739726)^(365*12)}}} Add {{{1}}} to {{{0.000226027397260274}}} to get {{{1.00022602739726}}}



{{{A=12500(1.00022602739726)^(4380)}}} Multiply {{{365}}} and {{{12}}} to get {{{4380}}}.



{{{A=12500(2.69093342965448)}}} Evaluate {{{(1.00022602739726)^(4380)}}} to get {{{2.69093342965448}}}.



{{{A=33636.667870681}}} Multiply {{{12500}}} and {{{2.69093342965448}}} to get {{{33636.667870681}}}.



{{{A=33636.67}}} Round to the nearest hundredth (ie to the nearest penny).



So the amount of money in the account is about $33,636.67 



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