MATH I NEED HELP

posted by .

$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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math help

    Complete the table to determine the balance A for $20,000 invested at rate r = 6% for t years, compounded continuously. chart looks like this: t 10 20 30 40 50 A ___ ___ ___ ___ ____ I need to answer A
  2. I NEED MATH HELP

    $24,000 is invested for 3 years with an APR of 2% and daily compounding. Balance in the account after 3. years is $ ___
  3. MATH PLESE

    A $2,000 deposit at an APR of 5.4% with quarterly compounding for 8 years. The amount after 8 years ?
  4. math

    Assume you want to accumulate $125,000 for a long-range goal in 40 years. You have two choices. Plan A is an account with annual compounding and an APR of 5%. Plan B is an account with continuous compounding and an APR of 4.5%. How …
  5. math

    Suppose you start saving today for a $30,000 down payment that you plan to make on a house in 8 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would you …
  6. Math

    Using continuous compounding. A 13,000 deposit in an account with APR of 4.5 percent is. The balance in the account after 1 year is what.
  7. math

    You invest $1,000 at 4% compounded daily. Two years later you take the balance and place it into an account earning 4.5% compounded daily. Determine the value of your account three years after the 2nd investment.
  8. Finite Math

    You deposit $5,000 in an account earning 7.5% interest compounded semiannually. How much will you have in the account after 9 years?
  9. math

    A bank account was opened with a deposit of $2750 at an APR of 3.5% compounded one of the following ways. Find the amount in this account after 6 years with compounding of: (round answers to nearest 100th) annually: $ semi-annually: …
  10. Math

    A bank account was opened with a deposit of $2750 at an APR of 3.5% compounded one of the following ways. Find the amount in this account after 6 years with compounding of: (round answers to nearest 100th) annually: $ semi-annually: …

More Similar Questions