$16,000 is invested for 3 years with an APR of 3% and daily compounding. The balance in the account after 3 years is

Question

asked Jan 1, 2022 6.1k views

1 Answer

Shubham Arora · Answer 1 · 2022-01-06T02:41:04+0000

Answer:

$17,440

Explanation:

the interest every year

=$16,000×3%

=$16,000×3/100

=$480

the balance after 3 years

=$16,000+3($480)

=$16,000+$1,440

=$17,440