The amount after 6 years is $3906.18
Step-by-step explanation:
Step 1 :
Given,
Principal = $3500
number of years = 6
Rate of interest = 1.83% compounded daily
We need to determine the amount
Step 2 :
The amount can be computed using the formula
A = P [tex](1 + \frac{r}{100} )^{n}[/tex]
where P represents the principal amount
r = interest rate
n = number of terms.
Here, interest = 1.83% daily = 1.83 ÷ (100× 365)
n = 6 × 365 (because interest given is compounded daily)
Hence A = 3500 ( [tex](1 + \frac{1.83}{365 * 100 } )^{6 * 365}[/tex]) = $3906.18
Step 3 :
Answer :
The amount after 6 years is $3906.18
