compound intrest

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Apr 26th 2008, 05:31 PM
mattdale321

compound intrest

$2750 invested at 4.825% annual interest for 6 years compounded daily
(n=365).

find the amount that will be in the account given the stated conditions
i cant figure this one out for the life of me
Apr 26th 2008, 05:39 PM
TheEmptySet

Quote:

Originally Posted by mattdale321

$2750 invested at 4.825% annual interest for 6 years compounded daily
(n=365).

i cant figure this one out for the life of me

$p(t)=P_0(1+\frac{r}{n})^{nt}$

$P(6)=2750 \left(1+\frac{.04825}{365} \right)^{(365)(6)} \approx 3673.27$

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