Answer:
Balance at the age of 20 will be $1455966.46
Step-by-step explanation:
Formula to calculate the final amount is,
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Where A = Final amount
P = Principal amount or amount invested
A = Final amount
r = Rate of interest
n = Number of compounding in a year
If Jason invested $200 in an account for 4 years with rate of interest 223%.
P = $200
r = 223%
n = 365
t = 4 years
A = [tex]200(1+\frac{2.23}{365})^{(4\times 365)}[/tex]
A = [tex]200(1.0061096)^{1460}[/tex]
A = $1455966.46
Therefore, balance amount in Jason's account at the age of 20 will be $1455966.46.
