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Calculate the balance for a $4,465 deposit in an account with an APR of 3.0% that compounds interest daily that is invested for 5 years?

Express your answer rounded correctly to the nearest cent. Do not include units on your answer.


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musiclover10045

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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