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Question
Use the appropriate compound interest formula to compute the balance in account after the stated period of time. is invested for years with an APR of and daily compounding.
Solution
VerifiedAnswered 1 year ago
Answered 1 year ago
Step 1
1 of 4The goal is to calculate the balance in an account for years that has invested at an annual percentage rate of and daily compounding.
To calculate the balance, apply the Compound Interest Formula for interest paid once a year:
where
is the accumulated balance after years. is the starting principal is the annual percentage rate (as a decimal) is the number of compounding periods per year is the number of years
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