Sarah invested $3,800 in an account paying an interest rate of 3.6% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 15 years?

Respuesta :

Answer:

a 6500

Step-by-step explanation:

A

=

P

(

1

+

r

n

)

n

t

A=P(1+

n

r

)

nt

Compound interest formula

P

=

3800

r

=

0.036

t

=

15

n

=

365

P=3800r=0.036t=15n=365

Given values

A

=

3800

(

1

+

0.036

365

)

365

(

15

)

A=3800(1+

365

0.036

)

365(15)

Plug in values

A

=

3800

(

1.0000986301

)

5475

A=3800(1.0000986301)

5475

Simplify

A

=

6520.65243954

A=6520.65243954

Use calculator

A

6500

A≈6500

Round to nearest hundred

Answer:

6500

Step-by-step explanation:

A=P(1+nr)nt

Compound interest formula

P=3800

r=0.036

t=15

n=365

P=3800r=0.036t=15n=365

Given values

A=3800 (1+0.036 365)

365(15)

A=3800(1+365 0.036)

365(15)

Plug in values

A=3800(1.0000986301)     5475

A=3800(1.0000986301)

5475

Simplify

A=6520.65243954

A=6520.65243954

Use calculator

A≈6500

A≈6500

Round to nearest hundred