Travis Brown deposited $17,500 into Browning Bank, which pays 6% compounded daily. Calculate how much Travis will have in his account at the end of seven years.
We use the formula:
A=P(1+r/365)^365n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$17500*(1+0.06/365)^(365*7)
=$17500*1.521909023
which is equal to
=$26633.41(Approx).
Travis Brown deposited $17,500 into Browning Bank, which pays 6% compounded daily. Calculate how much Travis...