/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q. 12 Find the amount that results fro... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 5: Q. 12 (page 324)

Find the amount that results from each investment, $700 invested at 6% compounded daily after a period of 2 years.

Short Answer

Expert verified

The answer is $789.01

Step by step solution

01

Step 1. Given information

The Principal investment,P=$700

The rate of interest is expressed as a decimal, r=6%=6100=0.06

The time period, t=2

The investment compounded monthly after a period of 2 years,localid="1647106897596" n=12

02

Step 2. Use compound interest formula

The amount Aafter tyears due to a principal P,at a annual rate rcompounded ntimes per year, A=P路1+rnnt

03

Step 3. Calculation

Substitute the values in the compound interest formula,

A=$7001+0.061212脳2A=$7001+0.00524A=$700(1.127)A=$789.01

The amount is $789.01

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Begin with the graph of y=exand use transformation to graph the function. Determine the domain, range and horizontal asymptote of the function.

localid="1646160286433" fx=5-e-x

The domain of one-to-one function g is0,15, and range is (0,8). State the domain and range oflocalid="1646180141229" g-1

Do you think that there is a power function that increases

more rapidly than an exponential function whose base is greater than 1 ? Explain.

Begin with the graph of y=exand use transformation to graph the function. Determine the domain, range and horizontal asymptote of the function.

fx=ex+2

If fx=ax, show thatf-x=1fx.
See all solutions

Recommended explanations on Math Textbooks

Mechanics Maths

Read Explanation

Logic and Functions

Read Explanation

Probability and Statistics

Read Explanation

Statistics

Read Explanation

Discrete Mathematics

Read Explanation

Pure Maths

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.