A. Find how much money there will be in the account after the given number of years. (Assume 360 days in a year.) B. Find the interest earned.
A. Find how much money there will be in the account after the given number of years. (Assume 360 days in a year.) B. Find the interest earned.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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Question
23
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.
|
Principal
|
Rate
|
Compounded
|
Time
|
---|---|---|---|---|
$20,000
|
4.5%
|
daily
|
15 years
|
A. Find how much money there will be in the account after the given number of years. (Assume 360 days in a year.)
B. Find the interest earned.
_______________________________________
A. The amount of money in the account after 15years is $________.
(Round to the nearest hundredth as needed.)
B. The amount of interest earned is $_______.
(Round to the nearest hundredth as needed.)
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