Question

1760 is compounded daily at a rate of 6% for 7 years

Answer 1

Principal amount is $1510, so P = 1,760 dollars.

Compounding period is daily, so N = 365.

Interest rate is 6%, so r = 0.06

Time of investment is 7 years, so t = 7 years.

We can use compound interest formula as given below :-

Amount = $P*(1+\frac{r}{N} )^{(N*t)}$

$Amount=1760*(1+\frac{0.06}{365} )^{(365*7)} \\\\ Amount=1760*(1+0.000164384)^{(2555)} \\\\ Amount=1760*(1.000164384 )^{(2555)} \\\\ Amount=1760*(1.521909017) \\\\ Amount=2678.55987 \approx 2678.56 \;dollars$

Hence, total amount in account would be 2,678.56 dollars.