Question

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?

Answer 1

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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