Levi invested $160 in an account paying an interest rate of 3% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 8 years?
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Given : Levi invested $160 in an account paying an interest rate of 3% compounded daily.
no deposits or withdrawals are made
To Find : how much money, to the nearest ten dollars, would be in the account after 8 years
Solution:
P = 160
R = 3 % per annum = 3/365 per year
n = 8 years = 8 x 365 = 2920 Days
A = P(1 + R/100)ⁿ
=> A = 160 ( 1 + 3/36500)²⁹²⁰
=> A = 203.4
=> A = 200 $ to the nearest ten dollars
200 $ money, to the nearest ten dollars, would be in the account after 8 years
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