julia invested $130 in an account paying an interest rate of 3.1% compounded daily. assuming no deposits or…

Explanation:

Step1: Recall compound interest formula

The formula for compound interest is $A = P\left(1+\frac{r}{n}\right)^{nt}$, where:

• $A$ = final amount
• $P$ = principal amount
• $r$ = annual interest rate (decimal)
• $n$ = number of times compounded per year
• $t$ = time in years

Step2: Define given values

$P = 130$, $r = 0.031$, $n = 365$, $t = 19$

Step3: Substitute values into formula

$A = 130\left(1+\frac{0.031}{365}\right)^{365\times19}$

Step4: Calculate intermediate terms

First, $\frac{0.031}{365} \approx 0.00008493$, so $1+0.00008493 \approx 1.00008493$ Then, $365\times19 = 6935$ Calculate $1.00008493^{6935} \approx e^{0.031\times19} \approx e^{0.589} \approx 1.803$ (using the approximation $e^{rt}$ for continuous compounding as a close estimate, or direct calculation gives the same approximate value)

Step5: Compute final amount

$A \approx 130\times1.803 \approx 234.39$

Step6: Round to nearest hundred dollars

$234.39$ rounded to the nearest hundred is $200$

Answer:

$$200$