vicentesanchez789
Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Discover solutions to your questions from experienced professionals across multiple fields on our comprehensive Q&A platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

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 trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.