Download the App!

Get 24/7 study help with the Numerade app for iOS and Android! Enter your email for an invite.

A calculator will be helpful in solving the following problems.A ninth-grade student opens a savings account that locks her money in for 4 years at an annual rate of $6 \%$, compounded daily. If the initial deposit is 1,000 dollar, how much money will be in the account when she begins college in 4 years?

Get the answer to your homework problem.

Try Numerade free for 7 days

Like

Report

$$\$ 1,271.22$$

No Related Courses

Chapter 7

Percent

Section 5

Interest

01:28

Use a calculator to solve …

01:19

Use a calculator to help s…

01:36

01:30

A calculator will be helpf…

01:33

01:24

01:42

00:45

Use the formula $A=P e^{r^…

01:10

Use the formula $A=P e^{r …

01:41

00:56

Use the formula $A=P\left(…

02:40

01:08

Solve each problem. See Ex…

01:27

01:15

To solve each problem, ref…

02:13

we have a college student. Put some money away. She's getting that compound of daily sweeter compound equation here. We want to know how much money are ninth graders gonna have when she heads off to college? So she's investing $1000. Her interest rate 6% which is good. That's a really good interest rate. We're gonna convert that into a decimal. It's being calm, pounded daily. Even better. We're gonna divide that by 3 65 because they're surrendered 65 days in a year. And again, we're gonna take those number of compounds. So there's our and again 3 to 65 we need to multiply that by the four years she's gonna leave it in there. And you put all this in your calculator, I come up with a little ninth graders, gonna have $1271.22

View More Answers From This Book

Find Another Textbook

01:59

Assume that when adults with smartphones are randomly selected % use them in…

04:56

point) The table below summarizes the number of surface flaws found on the p…

00:57

Question 111 ptsThe standard error of the mean for a sample of 100 i…

04:38

Young's modulus is quantitative measure of stiffness of an elastic mate…

03:05

recent poll, 35% of survey espondents said that, they only had one child, th…

03:21

Consider the following Markov matrix representing a Markov chain with state…

03:33

(10 pts) Use cylindrical coordinates to evaluate TII 12 +V' dV , where …

02:38

Lab 19 Additional Questions (2-proportions) If the null is true in reality; …

04:05

05. Explain why there is no such triangle with a = 3, A = 1002, and b =4

01:02

Consider the following matrices:12 31A =4 5 6and B =…