Question

Find the amount accumulated if $50000 is invested for 20 years at a rate of 7% compunded daily?

Answer 1

So to find this we need to use the compound interest formula which is A=P(1 + r/n) ^nt
P = principal amount
R = percentage rate
N = number of times it is compounded yearly
T = time

So you plug in the numbers for the formula

50,000(1 + 0.07/ 365) ^0.07*365

The answer would be $202,732.78
I hope this helps :)