A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 3.25% compounded daily. Find the value (in dollars) of the account after 4 years. (Assume all years have 365 days. Round your answer to the nearest cent.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 3.25% compounded daily. Find the value (in dollars) of the account after 4 years. (Assume all years have 365 days. Round your answer to the nearest cent.)

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