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Beliebt Word Problems >

An investment of 50 000 received an interest rate of 8% p.a. compounded daily over 6 years.Calculate the total value of the investment.

Lösung

A n in v es t m e n t o f 50000 rece i v e d an in t eres t r a t e o f 8% p . a . co m p o u n d e d d ai l y o v er 6 ye a rs . C a l c u l a t e t h e t o t a l v a l u e o f t h e in v es t m e n t .

Lösung

Amount : 80799.47

Schritte zur Lösung

Translate the problem into an equation:

A = 50000 (1 + \frac{0.08}{365})^{365 \cdot 6}

50000 (1 + \frac{0.08}{365})^{365 \cdot 6} = 80799.47034 \dots

Round to the nearest hundredth:

80799.47

Amount : 80799.47

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