# MATH I NEED HELP

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\$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 -

constant compounding formula is:
A = P e^r t
here
r = .02
t = 3
A = 24,000 e^(.06)
= 24,000 * 1.06283
= \$ 25,484.08

• MATH I NEED HELP -

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)
0 PMT

P/Y = 1
C/Y = 365 * (I am not 100% on this)

Calculate FV

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