Use the formula for computing future value using compound interest to determine the value of an account at the end of 3 years if a principal amount of $2,500 is deposited in an account at an annual interest rate of 8​% and the interest is compounded daily.​ (Assume there are 365 days in a​ year.)   The amount after 3 years will be $_____

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
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Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 6GP
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Use the formula for computing future value using compound interest to determine the value of an account at the end of 3 years if a principal amount of $2,500 is deposited in an account at an annual interest rate of 8​% and the interest is compounded daily.​ (Assume there are 365 days in a​ year.)

 

The amount after 3 years will be $_____

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