texanbaby1977 texanbaby1977

01-10-2017
Mathematics

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Garrett has deposited $519 in a savings account that earns interest at a rate of 4.2% compounded daily. What will the account balance be in 17 years?

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Aliwohaish12 Aliwohaish12

02-10-2017

The formula is
A=p (1+r/k)^kt
A future value?
P present value 519
R interest rate 0.042
K compounded daily 365
T time 17 years
A=519×(1+0.042÷365)^(365×17)
A=1,059.83

Hope it helps!

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