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If $2500 is invested at an interest rate of 4.5% per year, compounded daily, find the value of the investment after the given number of years. (round your answers to the nearest cent.)

Respuesta :

tejanoajet
The formula for this is A = P(1+i/365)^365n

(A)mount = ?
(P)rincipal = $2500
(I)nterest = .045
(N)times compounded = 365

Plug into formula

A = 2500(1 + .045/365)^(365*T)


You're missing the time so I cannot answer this, but you can finish it by replacing the "T" in the above equation with its corresponding time and you will get your answer.

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