Answer:
There will be $634.05 in the account.
Step-by-step explanation:
Compound interest:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
$390 in an account paying an interest rate of 2.7% compounded daily.
This means that
Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 18 years?
This is A(18). So
There will be $634.05 in the account.