dmbmattson46
Answered

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On August 23, Carlito Rosselini had $1,432.19 in his savings account at
Camden Savings and Trust. The account earns 5.5% interest
compounded daily. What will be the amount in his savings account
when he closes it on October 1?

Sagot :

Parrain

Based on the amount deposited and the period of compounding, the amount on October 1 will be $1,440.63

First find the number of days of compounding:

= 8 days in August + 30 days in September + 1 day in October

= 39 days

The interest per day is:

= 5.5% / 365 days a year

= 5.5/365%

Amount in savings is:

= Amount x ( 1 + rate) ^ number of periods

= 1,432.19 x ( 1 + 5.5/365%)³⁹

= $1,440.63

In conclusion, the account would have $1,440.63

Find out more about future value at https://brainly.com/question/21916839.

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