Bentley invested 26,000 in an account paying an interest rate of 6.8% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

Soluzione

B e n tl ey in v es t e d 26, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 6.8% co m p o u n d e d d ai l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t ce n t, w o u l d b e in t h e a cco u n t a f t er 11 ye a rs ?

Amount : 54928.2

Fasi della soluzione

Translate the problem into an equation:

A = 26000 (1 + \frac{0.068}{365})^{365 \cdot 11}

26000 (1 + \frac{0.068}{365})^{365 \cdot 11} = 54928.19956 \dots

Arrotondare all' hundredth più vicino:

54928.2

Amount : 54928.2