Answered

Discover a world of knowledge at Westonci.ca, where experts and enthusiasts come together to answer your questions. Discover comprehensive answers to your questions from knowledgeable professionals on our user-friendly platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields 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

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.