Question

A. Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $16,000 is invested for 5 years with an APR of 3% and daily compounding. The balance in the account after 5 years is $nothing. (Round to the nearest cent as needed.) B. How much must be deposited today into the following account in order to have a $140,000 college fund in 12 years? Assume no additional deposits are made. An account with monthly compounding and an APR of 2.5% $nothing should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.) 

          A. Use the appropriate compound interest formula to compute the
balance in the account after the stated period of time $16,000 is
invested for 5 years with an APR of 3% and daily compounding. The
balance in the account after 5 years is $nothing. (Round to the
nearest cent as needed.)
B. How much must be deposited today into the following account
in order to have a $140,000 college fund in 12 years? Assume no
additional deposits are made. An account with monthly compounding
and an APR of 2.5% $nothing should be deposited today. (Do not
round until the final answer. Then round to the nearest cent as
needed.)
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Added by Alejandra B.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
James Stewart 8th Edition
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A. Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $16,000 is invested for 5 years with an APR of 3% and daily compounding. The balance in the account after 5 years is $nothing. (Round to the nearest cent as needed.) B. How much must be deposited today into the following account in order to have a $140,000 college fund in 12 years? Assume no additional deposits are made. An account with monthly compounding and an APR of 2.5% $nothing should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
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Transcript

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0:00 Things are asking us here.
00:01 We want to using the appropriate compound interest formula.
00:05 So i'm going to use the general compound interest formula, which is written on the screen.
00:09 In the first one, we have $16 ,000.
00:13 So that's going to be our principal.
00:15 It's an invested at a rate for five years.
00:21 And it's invested at a rate of 3%.
00:24 Now it doesn't say that it's compounded in any other way, but annually.
00:29 So i'm going to go ahead and just use annual.
00:31 As our rate.
00:32 So that means that our value of n is going to equal to 1.
00:36 So we're going to have a equals 16 ,000, 1 plus our interest rate we always change to a decimal.
00:44 0 .03 over 1 to the 1 times 5.
00:48 So let's just go to our calculator.
00:51 1 plus 0 .03 divided by 1 and we're going to raise that to the 5th power.
00:57 Our balance would be $18 ,548.
01:01 And $39...
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