A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 3.25% compounded daily. Find the value (in dollars) of the account after 4 years. (Assume all years have 365 days. Round your answer to the nearest cent.)
A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 3.25% compounded daily. Find the value (in dollars) of the account after 4 years. (Assume all years have 365 days. Round your answer to the nearest cent.)
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
Related questions
Question
A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 3.25% compounded daily. Find the value (in dollars) of the account after 4 years. (Assume all years have 365 days. Round your answer to the nearest cent.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 3 images
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning