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tankabanditka [31]
4 years ago
5

Suppose you invest $16000 at 9% interest and that it is compounded daily. How much will you have in 8 years?

Mathematics
1 answer:
kramer4 years ago
4 0

Answer:

The amount after 8 years is $ 16,031.579

Step-by-step explanation:

Given as :

The Principal invested = $ 16000

The rate of interest compounded daily = 9 %

The time period = 8 years

Let The amount after 8 years = $ A

<u>From Compounded method </u>

Amount = Principal invested × (1+\dfrac{\textrm Rate}{365\times 100})^{365\times \textrm Time}

Or, Amount = 16000 × (1+\dfrac{\textrm 9}{365\times 100})^{365\times \textrm 8}

Or, Amount = 16000 × (1.0002465)^{8}

∴  Amount = $ 16,031.579

Hence The amount after 8 years is $ 16,031.579   Answer

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