Question

Asked Nov 13, 2019

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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 $_____

Step 1

It is given that, the principal amount P is $2500, interest rate *r* is 0.08...

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