Posted by Dave on Sunday, January 27, 2013 at 7:56pm.
$24,000 is invested for 3 years with an APR of 2% and daily compounding. Balance in the account after 3. years is $ ___
- MATH I NEED HELP - Damon, Sunday, January 27, 2013 at 8:02pm
constant compounding formula is:
A = P e^r t
r = .02
t = 3
A = 24,000 e^(.06)
= 24,000 * 1.06283
= $ 25,484.08
- MATH I NEED HELP - Anonymous, Sunday, January 27, 2013 at 8:04pm
Compounding daily use 365 days
Are you using a business calculator?
If you are 2% goes into I
Your N is 3
24,000 is your Principal Value (PV)
P/Y = 1
C/Y = 365 * (I am not 100% on this)
Answer this Question
More Related Questions
- I NEED MATH HELP - $24,000 is invested for 3 years with an APR of 2% and daily ...
- math - Suppose you start saving today for a $30,000 down payment that you plan ...
- MATH PLESE - A $2,000 deposit at an APR of 5.4% with quarterly compounding for 8...
- math - Assume you want to accumulate $125,000 for a long-range goal in 40 years...
- Math help - Complete the table to determine the balance A for $20,000 invested ...
- Math - Using continuous compounding. A 13,000 deposit in an account with APR of ...
- MATH HELP - A $2,000 deposit at an APR of 5.4% with quarterly compounding for 8...
- alg. Compounding periods. - a loan requires that the 4% interest be compounded ...
- Help on my math question - A $2,000 deposit at an APR of 5.4% with quarterly ...
- Math - $ 2631 is deposited into an account for 15 years. Determine the ...