Exponential and Logarithmic Functions: Exponential Growth and Decay

think icon Think & Click: Compound Interest

You invest $100 in an account with an interest rate of 4% that compounds daily. How much money will be in the account after 20 years?
 

= a of 20 equals 100 times the quantity 1 plus .04 divided by 365 raised to the product of 365 times 20, a of 20 equals $222.54