Explore BrainMass

Explore BrainMass

    Calculating Compound Interest to Find Balance in Account

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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

    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.