Homework Help: calculus

Posted by sofi on Sunday, May 20, 2012 at 10:48am.

an amount of 1000 is deposited in a bank that pays 8% interest/year compounded daily (take the number of days in a year to be 365)
let an denote the total amount on deposit after n days, assuming no deposits or withdrawals are made during the period in question
a. find the formula for an
b. compute a1, a10. a50 and a100
c. what amount is on deposit after 1 year?

calculus - bobpursley, Sunday, May 20, 2012 at 12:38pm
compounded daily?

an=1000(1+0.08/365)^t where t is in days.

for instance, after 100 days, put this in your google search window:

1000(1+0.08/365)^100=

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