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 __________
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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.
Solution Preview
To do this problem you need to use the formula for compound interest:
P = 15000 (original ...
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