$4950 is compounded daily at a rate of 6%. Find the total amount in the compound interest account at the end of 10 years. (The compound interest factor is 1.82203.)
2007-06-08 07:32:08 · 3 answers · asked by lizzie 1 in Science & Mathematics ➔ Mathematics
I = P ( 1 + r/n)^(nt)
I = final amount
P = initial amount
r = rate
n = compounting
t = time in year
I = 4950 (1 + .06/365)^(365 * 10)
I = $9,019.04
2007-06-08 07:37:34 · answer #1 · answered by 7 · 0⤊ 0⤋
P = 4950(1+.06/365)^3650
P= 4950*1.822031869 = $9,019.06
2007-06-08 07:40:40 · answer #2 · answered by ironduke8159 7 · 0⤊ 0⤋
oh use this formula
A= P(1 + r/n) /\ nt
P is the principle or 4950
r is the rate or .06 (6%)
t is the time or 10 years
and n is the 1.82203
and plug it in to get about 8943.701317
i hope i helped! its really easy once you get the hang of it
2007-06-08 07:38:50 · answer #3 · answered by super girl 4 · 0⤊ 0⤋