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Time 19 years Compounded daily Rate 4.5% Principal $50,000 The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. 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 19 years is s (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.)

Time 19 years Compounded daily Rate 4.5% Principal $50,000 The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. 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 19 years is s (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 15E
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Time 19 years Compounded daily Rate 4.5% Principal $50,000 The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. 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 19 years is s (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.)
Transcribed Image Text:Time 19 years Compounded daily Rate 4.5% Principal $50,000 The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. 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 19 years is s (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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