Homework Help: I NEED MATH HELP

Posted by Dave on Sunday, January 27, 2013 at 7:50pm.

$24,000 is invested for 3 years with an APR of 2% and daily compounding. Balance in the account after 3. years is $ ___

I NEED MATH HELP - Henry, Tuesday, January 29, 2013 at 8:38pm
P = Po(1+r)^n.

r = (2%/365)/100% = 5.48*10^-5 = Daily %
rate expressed as a decimal.

n = 365Comp/yr * 3yrs = 1095 Compounding
periods.

Plug the above values into the given Eq
and solve for P.

Answer: P = $25,484.19

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