Carson invested $850 in an account paying an interest rate of 5.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 6 years?
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Answered by
4
Answer:
The final balance is $1,196.56.
The total compound interest is $346.56.
Step-by-step explanation:
p=850
n=365
r=5.7%
t=6
amount=p[1+(r/n)^tn]
amount=850[1+(0.057/365)^(6×365)]
amount=850(1.000156164)^2190
amount=1196.56
interest=amount-principle
interest=1196.56-850
interest= 346.56
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Answer:
Step-by-step explanation:
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