Use the compound interest formula to compute the total amount accumulated. $3,500 for 8 years at 2.5% compounded daily (use n = 360)
Use the compound interest formula to compute the total amount accumulated. $3,500 for 8 years at 2.5% compounded daily (use n = 360)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Use the compound interest formula to compute the total amount accumulated.
$3,500 for 8 years at 2.5% compounded daily (use n= 360)
O A. $4,264.41
B. $4,274.88
C. $3,501.94
D. $3,699.24
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