Answer: $ 82,531.59.
Step-by-step explanation:
Formula to calculate the accumulated amount compounded daily:
,where P=principal amount, t=time ( in days ), r =rate of interest.
Given: P= $51,123.21
r =
t= 20 years 2 months
[1 year = 365 days, 1 year = 12 months]
Substitute all values in the formula, we get
hence, future value = $ 82,531.59.
Consider the complete question is "A store has two different sizes of ice cream on sale this week. The smaller container costs $3.87 for 48 ounces. The larger container costs $6.42 for 128 ounces. which ice cream costs less per ounce?"
Given:
The smaller container costs $3.87 for 48 ounces.
The larger container costs $6.42 for 128 ounces.
To find:
Which ice cream costs less per ounce?
Solution:
We know that
Using this formula, we get
Per ounce cost of small container
Per ounce cost of larger container
Since, 0.08 > 0.05 therefore, the per ounce cost of larger container is less.