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March 25, 2017

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$400 invested at 3% compounded daily after a period of 3 years=$?(round to nearest cent)

  • algebra - ,

    i = .03/365 = .000082191
    n = 3(365) = 1095

    amount = 400(1.000082191)^1095 = 437.67

    (using continuous compounding it would be
    400 e^(3(.03)) = 400 e^.09 = 437.67 )

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