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Mark received $125,000 from an injury. If he puts his money in the bank that pays 5.5% interest that compounds daily for 22 days, how much money will he have? How much interest did he earn?
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Mark received $125,000 from an injury. If he puts his money in the bank

that pays 5.5% interest that compounds daily for 22 days, how much
money will he have? How much interest did he earn?

User Allan F
by
4.2k points

1 Answer

1 vote

Answer:

Mark will have 125,420.81

Mark will earn interest for 420.81

Step-by-step explanation:

If you start with 125,000.00 in a savings account earning a 5.5% interest rate, compounded Daily, after 22 Days your savings account will have grown to 125,420.81 of which 125,000.00 is the total of your beginning balance plus deposits, and 420.81 is the total interest earnings.

User GluedHands
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