Khloe invested $5,600 in an account paying an interest rate of 5.3% compounded daily. Assuming no deposits or withdrawals are ma

Question

3 years ago

5

de, how much money, to the nearest hundred dollars, would be in the account after 7 years?

2 answers:

podryga [215] · Answer 1 · 2022-06-23T01:23:39+03:00

Answer:

the amount after 7 years is $8,115.21

Step-by-step explanation:

The computation of the amount after 7 years is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^number of years

= $5,600 × (1 + 5.3%÷ 365)^7× 365

= $5,600 × (1+ 0.000145205 )^2555

= $8,115.21

Hence, the amount after 7 years is $8,115.21

We simply applied the above formula so that the correct value could come

And, the same is to be considered

zavuch27 [327] · Answer 2 · 2022-06-23T03:16:40+03:00

6 0

Answer:

$8100

Step-by-step explanation: