Ask Experts Questions for FREE Help !
Ask
    u009574's Avatar
    u009574 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    May 5, 2015, 11:27 AM
    Rose Ray deposited $24,000 in a savings account at 6 % 2 interest compounded daily. A
    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's Avatar
    InfoJunkie4Life Posts: 1,409, Reputation: 81
    Ultra Member
    		  
    #2

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

27,000 in three years at 6% interest compounded monthly how much do I need to invest [ 2 Answers ]

27,000 in three years at 6% interest compounded monthly how much do I need to invest.

If $975 is invested in an account that earns annual interest of 8.5%, compounded semi [ 2 Answers ]

If $975 is invested in an account that earns annual interest of 8.5%, compounded semiannually, what will the account balance be after 7 years? (Round your answer to the nearest cent.)

Form 8938 - savings account interest from foreign savings account [ 1 Answers ]

Greetings. I already report a foreign savings account on the FBAR but I am not sure where to report interest from this account. Do I need to include this account in my form 8938 as well? What form should I use to report the interest? I am especially confused because the interest is already taxed in...

How can I calculate daily interest on saving account and term deposit account [ 1 Answers ]

Dear Sir's, Kindly let me know how to calculate daily interest rate applicable to my saving account and term deposit account.

Withholding taxes on savings account interest [ 2 Answers ]

Can I have my credit union withhold taxes on my savings dividends for me?

View more questions Search