Homework Help: Business Calc

Posted by Jamie on Thursday, November 8, 2012 at 2:04pm.

Determine when, to the nearest year, $3,000 invested at 5% per year, compounded daily, will be worth $10,000.

Business Calc - Steve, Thursday, November 8, 2012 at 2:29pm
10000 = 3000(1 + .05/365)^(365x)
x = 24.08
or, 24 years

Related Questions

Algebra - How long will it take $7,000 invested at 5.5% compounded daily to grow...
math - The Investment Problem. Suppose that Rod invests $1,000 at 6% compounded ...
finance - Assume you are planning to invest $5,000 each year for six years and ...
Math - Betsy, a recent retiree, requires $6,000 per year in extra income. She ...
Math - A lottery prize worth $1,000,000 is awarded in payments of $10,000 five ...
Math(Please help) - Betsy, a recent retiree, requires $6,000 per year in extra ...
math(Please help) - Betsy, a recent retiree, requires $6,000 per year in extra ...
COLLEGE ALEGBRA - Sue, a recent retiree, requires $6,000 per year in extra ...
accounting - Carlton company had assetsof $280,000 & liabilities of $120,000...
math - When I was considering what to do with my $10,000 Lottery winnings, my ...

For Further Reading

First Name:
School Subject:
Answer: