We know the compound interest formula is given by
Now, we have been given that 24,000 is invested for 2 years with an APR of 6% and daily compounding. Thus, we have
On substituting these values in the above formula for the compound interest, we get
Therefore, the balance in the account after 2 years is 27059.7
Answer:
1L=$4.867
Step-by-step explanation:
750 ml=$3.65
1 ml= $0.00486
1000 ml=1 L
1000ml= $4.867
The information shown here only shows a principal sum, a rate of interest and a period or time. There is no question as to what is needed. But suppose the need is for simple interest, then we calculate using the given information and the formula:
I = PRT
where I is simple interest, P is the principal, R is the rate per year, and T is time
P = 290, T is 6 months which is 0.5 years, R = 12.5 % which is written as 0.125 in decimal fraction.
I = 290 × 0.125 x 0.5 → I = 18.125
Therefore after 6 months , the interest earned will be 18. 125 dollars