Answered

Discover the best answers at Westonci.ca, where experts share their insights and knowledge with you. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Jordan invests $9,500 into an account that earns 3.25% annual interest. How much will
be in the account after 10 years if the interest rate is compounded daily or continuously?
Which compounded interest rate should Jordan choose?

Sagot :

ajinems

The amount of money that Jordan will earn at the end of 10 years = $12,587.5

Calculation of compounded interests

The principal amount invested(P) = $9,500

The annual compounded daily interest rate(R) of the account = 3.25%

The time given (T) = 10 years

Simple interest (SI) = P×T × R/100

SI = 9,500×10×3.25/100

SI= 308750/100

SI= $3087.50

Therefore the total amount that would be in the account after 10 years = $9,500 + $3,087.50

= $12,587.5

Learn more about compound interest here:

https://brainly.com/question/24924853

#SPJ1

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We appreciate your time. Please come back anytime for the latest information and answers to your questions. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.