Answer:
Step-by-step explanation:
The compound amount formula is A = P(1 + r/n)^(n*t), where n is the number of times interest is compounded per year and t is the number of years.
We could let n = 365 (since there are 365 days in each year). Then,
A = P(1 + r/365)^(365*t).
Then, in this case, A = $10,000(1 + 0.052/365)^(365*20), or
A = $10,000(1 + 0.000142)^7300, or
A = $10,000(2.829)
A = $28,290.07
Answer:
V = 10,000( 1 + 0.052/365)^(20*365)
Step-by-step explanation:
Take the number of days in a year to be 365.
I am assuming that 5.2% is the annual interest.
The equation is:
V = 10,000( 1 + 0.052/365)^(20*365) where V is the amount after 20 years.
That works out to $28,290.07.
