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Fowler credit bank is offering 7.3 percent compounded daily on its savings accounts. you deposit $5,700 today. how much will you have in the account in 5 years? (

Respuesta :

P = $5,700, the principal
r = 7.3% = 0.073, rate
n = 365, compounding interval
t = 5, number of years

Calculate the value in 5 years.
[tex]A=P(1+ \frac{r}{n} )^{nt} =5700(1+2 \times 10^{-4})^{1825}=8210.63[/tex]


Answer: $8,210.63

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