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Brain deposited $9,824 into a savings account for which interest is compounded daily at a rate of 3.62%. How much interest will he earn after 8 years?

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Sagot :

fieryanswererft

$3299.62

  • compounded daily interest : [tex]\sf A = P(1 + \dfrac{r}{n})^{nt}[/tex]

  • [tex]\sf 9,824.00(1 + \dfrac{3.62\%}{365})^{(365)(8)}[/tex]

  • [tex]\sf \$13,123.62[/tex]

total money he will have : $13,123.62

  • amount earned : $13,123.62 -  $9,824 = $3299.62
semsee45

Answer:

Interest = $3,299.64 (nearest cent)

Step-by-step explanation:

Compound interest formula:  [tex]\sf I=P(1+\frac{r}{n})^{nt}-P[/tex]

where:

  • I = total interest earned over time period
  • P = initial principal balance
  • r = interest rate (in decimal form)
  • n = number of times interest applied per time period
  • t = number of time periods elapsed

Given:

  • P = $9,824
  • r = 3.62% = 0.0362
  • n = 365
  • t = 8 years

Substituting given values into the formula and solving for I:

[tex]\sf \implies I=9824(1+\frac{0.0362}{365})^{365 \times8}-9824[/tex]

[tex]\sf \implies I=13123.62461-9824[/tex]

[tex]\sf \implies I=3299.62 \ (nearest \ hundredth)[/tex]

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