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)
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