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Populaire Word Problems >

Find the balance if Callie invests the 9000 in a money market fund that earns 2.95% compounded daily for 8 years. Round to the nearest cent.

Solution

F in d t h e ba l an ce i f C a ll i e in v es t s t h e 9000 in a m o n ey ma r k e t f u n d t ha t e a r n s 2.95% co m p o u n d e d d ai l y f or 8 ye a rs . R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 11395.46

étapes des solutions

Translate the problem into an equation:

A = 9000 (1 + \frac{0.0295}{365})^{365 \cdot 8}

9000 (1 + \frac{0.0295}{365})^{365 \cdot 8} = 11395.46011 \dots

Arrondir à hundredth la plus proche:

11395.46

Amount : 11395.46

Exemples populaires

the quotient of a number and 7 decreased by 9 the sum of two consecutive integers is 193 Two more than the product of a number and 9 is equal to 4 the sum of three consecutive numbers is eighty-four. what is the smallest number The différence of four times a number and 8 is 15