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Find the interest earned. Assume 3.5% interest compounded daily. $42,000 deposited September 10 and withdrawn November 10

Find the interest earned. Assume 3.5% interest compounded daily. $42,000 deposited September 10 and withdrawn November 10
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3 votes
Find the interest earned.

Assume 3.5% interest compounded daily.

$42,000 deposited September 10 and withdrawn November 10

User Mounir
by
8.8k points

1 Answer

1 vote
September
30-10=20 days
October 31
November 10
Time=20+31+10=61 days
A=42,000×(1+0.035÷365)^(61)
A=42,246.38
Interest earned
I=42,246.38−42,000
I=246.38
User Hainabaraka
by
8.2k points
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