Question

tak murakami has a savings account at city saving bank. the account earns 5.5% interest compounded daily. on febuary 2,the ammount in his account $580. how much will be in the acoount in 40 days

Answer 1

given:

rate[r]=5.5%

principal [p]=$580

time[t]=40days

now

compound amount=p(1+r/100)^t

=$580(1+5.5/100)^40=$4357.7

Answer 2

Explanation:

In the original question as shown in the attached picture, there is a compound interest table.

According to the table, Amount of $1.00 at 5.5% Compounded Daily after 40 days is $1.00604.

Using the formula: Amount = Original Principal x Amount of $1.00,

the amount in account after 40 days = $580 x 1.00604

= $583.5032

= $583.50 rounded to the nearest cent