$25,000 is invested for 5 years with an APR of 3% and daily compounding.

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04-01-2022
Mathematics

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$25,000 is invested for 5 years with an APR of 3% and daily compounding.

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Rbartlow2806idn Rbartlow2806idn · Answer 1 · 2022-01-04T11:35:54-05:00

Rbartlow2806idn Rbartlow2806idn

04-01-2022

Answer:

$29,045.69

Step-by-step explanation:

The total amount accrued, principal plus interest, with compound interest on a principal of $25,000.00 at a rate of 3% per year compounded 365 times per year over 5 years is $29,045.69.

A = P(1 + r/n)nt

A = 25,000.00(1 + 0.03/365)(365)(5)

A = 25,000.00(1 + 8.2192E-5)(1825)

A = $29,045.69

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