u009574
May 5, 2015, 11:27 AM
Rose Ray deposited $24,000 in a savings account at 6 % 2 interest compounded daily. At the end of seven years, what is the balance in Rose... what is the balance in...
InfoJunkie4Life
May 5, 2015, 05:39 PM
Sorry, not here to do your homework, nor can I read the question accurately.
Advise:
Compound interest is where the balance is paid per period and then added to the principle balance. Compounded daily means a payout each day rather than monthly or weekly, etc.
Generally 6% apr is like 6/365=0.0164% paid daily.
There are equations and explanations for how these equations work to figure out this problem, it may be found in your textbook or other course material. Give it a try and you'll probably get some guidance from the folks here.