Karl invests $35,000 for 8 years in an account paying 7% compounded daily. Find
1 answer:
Answer:
principal (p)=$35000
time(t)=8years
rate ( r)=7%
Step-by-step explanation:
- compounded amount(c.a)=p((1+r/100)^t )=$35000((1+7/100)^8)=$60136.5
- compound interest gain=$60136.5-$35000=$25136.5
- Karl gain interest in 1 year=$35000((1+7/100)-1)=$2450
- gain % in 1 year=$2450/$25136.5×100%=9.74%
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