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
To do this problem you need to use the formula for compound interest:
P = 15000 (original ...
This solution contains step-by-step calculations to determine the balance in the account after 3 years using an appropriate compound interest formula.