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Chapter 5: Q. 11 (page 324)

Find the amount that results from each investment, $600 invested at 5% compounded daily after a period of 3 years.

Short Answer

Expert verified

The amount is $697.09

Step by step solution

01

Step 1. Given information

The Principal investment, P=$600

The rate of interest is expressed as a decimal, r=5%=5100=0.05

The time period,t=3

The investment compounded daily after a period of years,n=365

02

Step 2. Use Compound Interest formula

The amount Aafter tyears due to a principal P,at a annual rater compounded ntimes per year, role="math" localid="1647106759945" A=P1+rnnt

03

Step 3. Calculation

Substitute the given values inA=P1+rnnt

A=$600路1+0.05365365脳3A=$600路1+0.053651095A=$600路1.000131095A=$600路1.161A=$697.09

The amount is $697.09

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