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Find the a) amount, and b) compound interest. (From Example 1) Ramona Oden deposited $6,000 at 5.5% interest compounded daily for 25 days. 2. Chuck Lange deposited $6,000 at 5.5% interest compounded daily for 31 days.​

Sagot :

Parrain

Based on the amount deposited by Ramona and the interest rate, the amount would be $6,022.64 and the compound interest would be $22.64.

The amount for Chuck would be $6,027.18 and the compound interest would be $27.18.

What is the amount for Ramona?

This can be found as:

= Amount x (1 + rate/compounding periods in a year) ^ number of periods

= 6,000 x (1 + 5.5%/365 days) ²⁵

= $6,022.64

The compound interest is:

= 6,022.64 - 6,000

= $22.64

What is the amount for Chuck?

= 6,000 x (1 + 5.5%/365 days) ³⁰

= $6,027.18

Compound interest:

= 6,027.18 - 6,000

= $27.18

Find out more on compound interest at https://brainly.com/question/24924853.

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