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    Calculating Compound Interest to Find Balance in Account

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    Use the appropriate compound interest formula to compare the balance in the account after the stated period of time.
    $15,000 is invested for 3 years with an Apr of 5% and daily compounding.

    The balance in the account after 3 years is __________

    © BrainMass Inc. brainmass.com June 4, 2020, 2:48 am ad1c9bdddf
    https://brainmass.com/business/interest-rates/calculating-compound-interest-find-balance-account-480110

    Solution Preview

    To do this problem you need to use the formula for compound interest:

    P = 15000 (original ...

    Solution Summary

    This solution contains step-by-step calculations to determine the balance in the account after 3 years using an appropriate compound interest formula.

    $2.19

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