Answer
$7517.41
Work Step by Step
n = 365, P = 5500, r = 0.0625, t= 5
$A = P(1 +\frac{r}{n})^{n \times t}$
$A = 5500(1 +\frac{0.0625}{365})^{365 \times 5}$
$A = 5500(1.0001712)^{1825}$
$A = 7517.41$
Prealgebra (7th Edition)
by Martin-Gay, Elayn
Published by
Pearson
ISBN 10:
0321955048
ISBN 13:
978-0-32195-504-3
Chapter 7 - Section 7.6 - Percent and Problem Solving: Interest - Practice - Page 517: 5
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