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

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asked Dec 8, 2018 119k views

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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 ?

Mathematics
high-school

Swordsman asked

by Swordsman

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

Interest earned
9223.63-6500==2,723.63

Tyrel Richey answered Dec 14, 2018

by Tyrel Richey

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