If $2500 is invested at an interest rate of 4.5% per year, compounded daily, find the value of the investment after the given number of years. (round your answers to the nearest cent.)

Question

Mathematics

Josephine Allen

21 February, 09:44

If $2500 is invested at an interest rate of 4.5% per year, compounded daily, find the value of the investment after the given number of years. (round your answers to the nearest cent.)

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Answers (1)

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Kaia Sims · Answer 1

The formula for this is A = P (1+i/365) ^365n

(A) mount = ?

(P) rincipal = $2500

(I) nterest =.045

(N) times compounded = 365

Plug into formula

A = 2500 (1 +.045/365) ^ (365*T)

You're missing the time so I cannot answer this, but you can finish it by replacing the "T" in the above equation with its corresponding time and you will get your answer.