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Use the compound interest formula to compute the total amount accumulated and the interest earned. ​$6500 for 5 years at 7​% compounded daily ​(use n equals=​360) The total amou…

Use the compound interest formula to compute the total amount accumulated and the interest earned. ​$6500 for 5 years at 7​% compounded daily ​(use n equals=​360) The total amou…
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Use the compound interest formula to compute the total amount accumulated and the interest earned.

​$6500 for 5 years at 7​% compounded daily ​(use n equals=​360)

The total amount accumulated after 5 years is ​?

User Swordsman
by
9.2k points

1 Answer

5 votes
A=6,500×(1+0.07÷360)^(360×5)
A=9,223.63

Interest earned
9223.63-6500==2,723.63
User Tyrel Richey
by
8.7k points
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