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Akimi4 [234]
3 years ago
10

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

Mathematics
1 answer:
lys-0071 [83]3 years ago
5 0

The formula for compound interest is given by :

A=P(1+r/n)^(nt)

A=P(1+\frac{r}{n} )^(nt)

Here we are given that

P=50000

time(t) = 20 years

rate =7%=0.07

n=365 ( daily)

Plugging in the values in the given formula we get

A=50000(1+\frac{0.07}{365} ^(365*20)

Answer : A=202732.78381....

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Since we have two ordered pairs, we can find the slope by plugging them into (y2-y1)/(x2-x1) which translates to (3-(-6))/(-4-(-1))=9/-3=-3

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