algebra

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Find the amount of compound interest earned in an account that opens with $21,000, earns 4.2% interest compounded daily, and is held for 5 years. Assume 360 days in a year.

  • algebra -

    i = .042/360 = .0001166667
    n = 5(360) = 1800

    amount = 21000(1.000116667)^1800
    = 25906.92

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