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Asked Nov 15, 2019
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Benjamin is going to invest in an account paying an interest rate of 2.4%
compounded daily. How much would Benjamin need to invest, to the nearest ten
dollars, for the value of the account to reach $850 in 7 years?
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Benjamin is going to invest in an account paying an interest rate of 2.4% compounded daily. How much would Benjamin need to invest, to the nearest ten dollars, for the value of the account to reach $850 in 7 years? Answer Submit Answer

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The compound interest formula ( if the interest i...

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365t A = P 1+ 365 where A 850 r 2.4% t =7

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Applications of Mathematics