Use the compound interest formula A = P(1 +r/n)^nt where P is the amount deposited, A is the value of the money after t years, r is the annual interest rate as a decimal, and n is the number of compounding periods per year. A computer network specialist deposits $2700 into a retirement account that earns 8.5% annual interest, compounded daily. What is the value of the investment after 30 years? (Round your answer to two decimal places.)
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
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The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
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Use the compound interest formula
where P is the amount deposited, A is the value of the money after t years, r is the annual interest rate as a decimal, and n is the number of compounding periods per year.
A computer network specialist deposits $2700 into a retirement account that earns 8.5% annual interest, compounded daily. What is the value of the investment after 30 years? (Round your answer to two decimal places.)
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