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5 August, 13:15

Fowler credit bank is offering 6.5 percent compounded daily on its savings accounts. you deposit $4,900 today. how much will you have in the account in 5 years?

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Answers (2)
  1. 5 August, 13:46
    0
    P = Principle starting balance = $4,900.

    r = Interest rate as a decimal = 0.065

    n = number of compounds per year = 365

    t = time in years of compounds = 5

    To solve: A = P (1 + r/n) ^nt

    A = $4900 (1+0.065/365) ^ (365x5)

    A = $6,780.54

    After 5 years, the account will have $6,780.54 in it.
  2. 5 August, 15:56
    0
    Identify each variable

    P = 4900

    r = 0.065

    n = 365

    t = 5

    A = 4900 (1 + 0.065/365) ^ (365·5)

    A=$6780.54

    I will have in the account in 5 years $6780.54
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