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$400 is invested in an account earning 4.7% interest (APR), compounded daily. Write a function showing the value of the account after tt years, where the annual growth rate can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage of growth per year (APY), to the nearest hundredth of a percent.

Respuesta :

The function that shows the value of the account after tt years is FV = 400 x (1.0001)^365tt.

What is the future value of the account?

The formula for calculating future value:

FV = P (1 + r) nm

  • FV = Future value
  • P = Present value
  • R = interest rate
  • m = number of compounding
  • N = number of years

FV = 400 x (1.0001)^365tt

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