Daily compounded

Zachary invested $130 in an account paying an interest rate of 3.6% compounded daily, Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 11 years?

Correct answer:

x =  193.16 USD

Step-by-step explanation:

a=130 USD k=3.6%=1003.6=0.036 y=11 d=365 y=365 11=4015  r=1+365k=1+3650.0361.0001  x=a rd=130 1.00014015=193.16 USD



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