Question

section... 5 > Modules > MyLab Math Student MyLab Math All Assignments MATH 1012-005: Quant Reason/Math Skills Noor Abuajineh & | 02/22/207 HW Score: 62.5%, Homework: HW 4B Interesting Score: 0 of 1 pt 6 of 8 (8 completo) X 4.B.64 Question Use the appropriate compound interest formula to compute the balance in the account for the stated period of time $24,000 is invested for 4 years with an APR of 4% and daily compounding The balance in the account after 4 years is $ . (Round to the nearest cent as needed.) Clear Al Enter your answer in the answer box and then click Check Answer All parts showing

Answer 1

APR = 4% with daily compounding

EAR, rate = (1+ 4%/365)^ 365 -1 = 4.08%

Initial amount (P) = 24000

Number of years,n = 4 years

Balance after 4 years = P*(1+rate)^n = 24000*(1+4.08%)^4 = $ 28,164.014