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I am Lyosha [343]
3 years ago
13

Zoey invested $230 in an account paying an interest rate of 6.3% compounded daily.

Mathematics
2 answers:
Lady bird [3.3K]3 years ago
4 0

Answer:

500

Step-by-step explanation:

alukav5142 [94]3 years ago
3 0

Answer:

A ≈ $500

General Formulas and Concepts:

<u>Pre-Alg</u>

  • Order of Operations: BPEMDAS

<u>Algebra I</u>

Compounded Interest Rate: A = P(1 + r/n)ⁿˣ

  • A is final amount
  • P is initial (principle) amount
  • r is rate
  • n is number of compounds
  • x is number of years

Step-by-step explanation:

<u>Step 1: Define</u>

P = 230

r = 0.063

n = 365

x = 12

<u>Step 2: Solve for </u><em><u>A</u></em>

  1. Substitute:                    A = 230(1 + 0.063/365)³⁶⁵⁽¹²⁾
  2. Divide:                          A = 230(1 + 0.000173)³⁶⁵⁽¹²⁾
  3. Multiply:                        A = 230(1 + 0.000173)⁴³⁸⁰
  4. Add:                              A = 230(1.00017)⁴³⁸⁰
  5. Exponents:                   A = 230(2.1296)
  6. Multiply:                        A = 489.808
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