Question

Fatima deposits $600 in an account that pays 3.65% annual interest compounded daily. Use the fact that there are approximately 365 days is a year.

Which equation represents the account balance A after t years?
A=600⋅(1.0365)^365t

A=600⋅(1.0365)^12t

A=600⋅(1.0001)^365t

A=600⋅(1.0001)^t

Answer 1

A=600⋅(1.0001)^365t
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