If Jack deposits R100,00 into an account at 2,17% interest compounded daily, how much will he have at the end of two years?
+23254 The compound interest formula is: A = P(1 + r/n)^(n·t)
where A = final amount P = amount invested = 100.00 r = rate (as a decimal) = .0217
n = number of times compounded per year = 365 t = number of years = 2
Substituting: A = 100.00(1 + .0217/365)^(365·2) ---> A = 104.44
[I use a dot '.' where you use a comma ','.]
+23254 The compound interest formula is: A = P(1 + r/n)^(n·t)
where A = final amount P = amount invested = 100.00 r = rate (as a decimal) = .0217
n = number of times compounded per year = 365 t = number of years = 2
Substituting: A = 100.00(1 + .0217/365)^(365·2) ---> A = 104.44
[I use a dot '.' where you use a comma ','.]
