Determine the balance A ( to the nearest cent)for P=3,000 dollars invested at a rate r=9% for t=10 , compounded 365 times per year. Round the answer to two decimal places.
A)$9,855.00
B)$8,042.90
C)$7,378.81
D)$6,027.12
E)$7,377.99

Question

Quizplus · Accepted Answer

We can use the formula A = P(1 + r/n)^(nt) where P = 3000, r = 0.09, n = 365, and t = 10. Plugging in these values, we get A = 3000(1 + 0.09/365)^(365*10) ≈ 7377.99. Therefore, the closest answer choice is E.

Determine the Balance a ( to the Nearest Cent)for P=3,000