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natka813 [3]
3 years ago
8

$600 invested at 5% compounded daily after a period of 3 years.

Mathematics
1 answer:
alisha [4.7K]3 years ago
5 0

Answer:

$697.09

Step-by-step explanation:

The computation of the investment after 3 years is shown below:

As we know that

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

= $600 × (1 + 0.05 ÷ 365)^365× 3

= $697.09

Hence, the investment after 3 years is $697.09

We simply used the above formula to determine the investment

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