Question

How much would Haiti’s balance be from account two over 3.4 years round to two decimal place

Answer 1

Given:

Account 2 details:

Assume a year is 365 days;

`\begin{gathered} P=\text{ \$}8100 \\ t=3.4years \\ r=5.1\text{ \%}=(5.1)/(100)=0.051 \\ n=365days \end{gathered}`

Using the compound interest formula to get the amount;

`A=P(1+(r)/(n))^(nt)`

Hence, substituting the values;

`\begin{gathered} A=8100(1+(0.051)/(365))^(365*3.4) \\ A=8100(1+(0.051)/(365))^(1241) \\ A=9633.55 \end{gathered}`

Therefore, the balance in account 2 will be $9633.55