vicentesanchez789
Answered

Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Get quick and reliable solutions to your questions from a community of seasoned experts on our user-friendly platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

100 Points ! ! !
Exploiting points will be reported.

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?

SHOW WORK AND WILL GIVE BRAINLIST

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]

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.