Use the compound interest formula A = = (1+5)*
, where P is the amount deposited, A is the value of the money after t years, r is the annual interest rate as a decimal, and n
is the number of compounding periods per year.
A computer network specialist deposits $2500 into a retirement account that earns 8.5% annual interest, compounded daily. What is the value of the investment after 30 years?
(Round your answer to two decimal places.)
$