If I invest 5,000 at a rate 8.5% for 13 days? How much interest will I earn on my investment if the interest is compounded daily
?
I need help with setting up formula or help in general. Any help is appreciated.
1 answer:
Using the formula A = P(1 + r/n)^nt
P = 5,000
r = 8.5% or 0.085
n = 365
t = 13/365 (13 days out of a year)
A = 5,000 (1 + 0.085/365)^365*13/365
A = 5015.16
You will earn $15.16
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