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How do I round to the nearest cent? (Compound Interest Math Problem)?
Find the amount of compound interest earned in an account that opens with $26,000, earns 6.1% interest compounded daily, and is held for 5 years. Assume 360 days in a year.
N=nt->N=360(5)=1800.1.69x10^-4
i=r/n=0.061/360=1.694444444E-4->
P=$26,000
r=0.061
n=360
t=5 years
A=26,000(1+1.69x10^-4)^1800
A=26,000(1.000169)^1800
A=26,000 (1.355505297)
A=$335243.13772<-How do I round this to the nearest cent?
4 Answers
- Anonymous1 decade agoFavorite Answer
Let's use a clearer example:
If I give you $1.25, and I want you to round to the nearest DOLLAR, then the value would be $1.00. Why? Because you look at the change -- and see if it is below or above 50% of a dollar. 50 cents or above -- you get $2! 49 cents or below, you just get one dollar.
Another example: if I give you $1.75 -- and we round to the nearest DOLLAR -- we now have $2.
We can do the same thing with cents:
We have $335243.13772. We already have $335243.13 in our hands -- and we need to figure out if we need to round .00772 UP or DOWN. Boy, that looks a lot like example #2 above! Why? Because it's above .0050. Only we're rounding it up to the nearest cent, not the nearest dollar.
So now $335243.13772 becomes $335243.14
