Question

How much would Haiti’s balance be from account two over 3.4 years round to two decimal place

Answer 1

Solution:

Given:

Account 2 details:

Assume a year is 365 days;

$\begin{gathered} P=\text{ \ }8100 \\ t=3.4years \\ r=5.1\text{ \%}=\frac{5.1}{100}=0.051 \\ n=365days \end{gathered}$

Using the compound interest formula to get the amount;

$A=P(1+\frac{r}{n})^{nt}$

Hence, substituting the values;

$\begin{gathered} A=8100(1+\frac{0.051}{365})^{365\times3.4} \\ A=8100(1+\frac{0.051}{365})^{1241} \\ A=9633.55 \end{gathered}$

Therefore, the balance in account 2 will be $9633.55