Homework Help: algebra

Posted by MITAL on Tuesday, July 26, 2011 at 6:48pm.

Find the amount of compound interest earned in an account that opens with $21,000, earns 4.2% interest compounded daily, and is held for 5 years. Assume 360 days in a year.

algebra - Reiny, Tuesday, July 26, 2011 at 8:32pm
i = .042/360 = .0001166667
n = 5(360) = 1800

amount = 21000(1.000116667)^1800
= 25906.92

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