Question

Can you help me on this. It is due today

Answer 1

The amount after 6 years is $3906.18

Step-by-step explanation:

Step 1 :

Given,

Principal  = $3500

number of years = 6

Rate of interest = 1.83% compounded daily

We need to determine the amount

Step 2 :

The amount can be computed using the formula

A = P $(1 + \frac{r}{100} )^{n}$

where P represents the principal amount

r = interest rate

n = number of terms.

Here, interest = 1.83% daily = 1.83 ÷ (100× 365)

n = 6 × 365 (because interest given is compounded daily)

Hence A = 3500 ( $(1 + \frac{1.83}{365 * 100 } )^{6 * 365}$)  =  $3906.18

Step 3 :

Answer :

The amount after 6 years is $3906.18