Mario invested $5100 at 13%
1 answer:
Answer:
Amount = $6614 and 19 cent
Step-by-step explanation:
Formula for compound interest is
A= p(1+r/n)^(nt)
Compounded daily
So n= 365*2= 730
T= 2
r= 0.13
P= 5100
A= p(1+r/n)^(nt)
A= 5100(1+0.13/730)^(730*2)
A= 5100(1+1.78082*10^-4)^(1460)
A= 5100(1.000178082)^1460
A= 5100(1.2969)
A= 6614.19
Amount = $6614 and 19 cent
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