# Algebra

Dolores Invest \$8500 in a new savings account which owns 3.1% annual interest, compounded daily. What will be the value of her investment after three years?

1. 👍 0
2. 👎 0
3. 👁 65
1. i = .031/365 = ....
n = 365*3 = ...

sub into :
amount = 8500(1+i)^n

1. 👍 0
2. 👎 0
posted by Reiny

## Similar Questions

1. ### Compound math

(Future Value) Suppose you invest \$8000 into an account that pays an annual interest rate of 6.2%. How much is in the account after 30 years if a. simple interest is compound monthly? b. interest is compounded monthly? c. interest

asked by Help on April 19, 2011
2. ### Algebra

You invest \$3700 in an account paying 3.75% interest compounded daily. What is the account's effective annual yield? Round to the nearest hundredth of a percent.

asked by Fannie on March 6, 2013
3. ### Algebra

You invest an initial \$4,500 in an account that has an annual interest rate of 4.5%, compounded daily. How much money will you have in the account after 10 years? Round your answer to the nearest whole number.

asked by Julia on November 12, 2014

Invest \$23,000 in a savings account at 4.25% interest compounded quarterly. Invest into an ordinary annuity where \$5,000 is deposited each year into an account that earns 6.6% interest compounded annually.

asked by Diane on December 20, 2010
5. ### Math Personal Finance

Assume we invest \$2000 for one year in a savings account that pays an APR (Annual Percentage Rate) of 10% compounded quarterly. Calculate the interest and compound it by hand each quarter rather than using the compound interest

asked by Alexis on June 8, 2014
6. ### math

Compound Interest Question James has 10,000 to invest. If he invest money in a savings account that pays 4% APR, calculate the following: a) how long will it take to have a total of 15,000 if interest is compounded quarterly

asked by martha on April 28, 2013
7. ### pre-algebra

You split \$1500 between two savings accounts. Account A pays annual 5% interest and Account B pays 4% annual interest. After one year,you have earned a total of \$69.50 in interest. How much money did you invest in each account?

asked by em on January 24, 2013
8. ### Math

James has 10,000 to invest. If he invest money in a savings account that pays 4% APR, calculate the following: a) how long will it take to have a total of 15,000 if interest is compounded quarterly (3months)? b)how much will he

asked by martha on April 28, 2013
9. ### Math

Envision that you have served as business manager of Media World for over 2 years. You have noticed that for the last 12 months the business has regularly had cash assets of \$20,000 or more at the end of each month. You have found

asked by Cathy on October 19, 2009
10. ### math

37. A person deposited \$500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account?

asked by yolanda on February 15, 2012

More Similar Questions