Compound interest formula:
Total = start value x ( 1 + rate/compound rate) ^( compound rate x time)
Total = 4,465(1 + .03/365)^(365x5)
Total = $5,187.56
The balance after 5 years will be $5177 and 10 cents.
How to calculate compound interest?
Compound interest is calculated by following formula:
[tex]A(1+\frac{r}{n})^{nt}[/tex]
Here:
A=principle amount=$4465
r=rate of interest/100=3/100=0.03
n=no. of days interest is applied=365 days
t=time period of interest=5 years
Putting all the values in the formula we get:
[tex]4465(1+0.03/365)^{365*5}=$5177.1[/tex]
Therefore, The amount at the end will be $5177 and 10 cents.
To know more about compound interest refer:https://brainly.com/question/12325365
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