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Find the interest earned. Assume 3.5% interest compounded daily. $2,750 deposited June 12 and withdrawn August 30
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4 votes
Find the interest earned.

Assume 3.5% interest compounded daily.
$2,750 deposited June 12 and withdrawn August 30

User Ajith M A
by
8.0k points

1 Answer

3 votes
June is 30 days
30-12=18 days
July is 31 days
August is 30 days
Time=18+31+30=79 days
A=2,750×(1+0.035÷365)^(79)
A=2,770.91
Interest earned
I=A-p
I=2770.91-2750
I==20.91
User Taylrl
by
8.4k points
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