If $8,000 is invested at an annual interest rate of 1.83%, compounded daily, what will the investment be worth after 10 years?

$9606.41

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1 + r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = $8000

r = 1.83% = 1.83/100 = 0.0183

Assuming there are 365 days in a year, then

n = 365 because it was compounded 365 times in a year.

t = 10 years

Therefore,

A = 8000(1 + 0.0183/365)^365 × 10

A = 8000(1 + 0.000050137)^3650

A = 8000(1.000050137)^3650

A = $9606.41

a line is an defined derm because it

a)contains an infinite number of points b) can be used to create other geometric shapes c)describes something that does not have width or depth d) is a term that does not have a formal definition. a line is an undefined term because it: contains an infinite number of points.