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March 26, 2017

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Find the amount of compound interest earned in an account that opens with $23,000, earns 3.3% interest compounded daily, and is held for 25 years. Assume 360 days in a year.

  • math - ,

    Wow, good thing we have calculators

    I suggest you use the memory of your calculator to store the i value

    i = .033/360 = .0000916667
    n = 25*360 = 9000

    amount = 23000(1.00009166667)^9000
    = 52480.10

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