calculus

posted by .

an amount of 1000 is deposited in a bank that pays 8% interest/year compounded daily (take the number of days in a year to be 365)
let an denote the total amount on deposit after n days, assuming no deposits or withdrawals are made during the period in question
a. find the formula for an
b. compute a1, a10. a50 and a100
c. what amount is on deposit after 1 year?

  • calculus -

    compounded daily?


    an=1000(1+0.08/365)^t where t is in days.

    for instance, after 100 days, put this in your google search window:

    1000(1+0.08/365)^100=

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Alg2

    Help....Help... Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the …
  2. Alg 2

    Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the amount of money …
  3. Compound interest

    Hello My teacher skipped over this and I have no clue how to do this or the equations. Help would be wonderful thank you If 6000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in …
  4. Economics - Finance

    If your bank pays 5.5 percent interest on savings deposits, what is the simple interest paid in the third year on an initial $100 deposit?
  5. Calculus Please help!

    If 7000 dollars is invested in a bank account at an interest rate of 7 per cent per year. A) Find the amount in the bank after 6 years if interest is compounded annually?
  6. math

    The length of the tropical year us 365.24220 days, as compared to the length of 365.2425 days used by the Gregorian calendar. How many years will it take for this difference to amount to 8 days?
  7. math

    The length of the tropical year us 365.24220 days, as compared to the length of 365.2425 days used by the Gregorian calendar. How many years will it take for this difference to amount to 8 days?
  8. Finance

    Calculate, to the nearest cent, the future value FV of an investment of $10,000 at the stated interest rate after the stated amount of time. HINT [See Example 1.] 5% per year, compounded daily (assume 365 days/year), after 11 years …
  9. pre calc

    Formulate a system of equations for the situation below and solve. Michael Perez deposited a total of $3000 with two savings institutions. Bank A pays interest at the rate of 6%/year, whereas Bank B pays interest at the rate of 7%/year. …
  10. Math

    Please Help!!!! I do not understand and if someone could help that would be great! Thanks !! Problem #1: Find the total amount if you deposit $500 at a rate of 5% for two years using simple interest. Year 1 Year 2 Problem #2: Find …

More Similar Questions