Question

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 ​?

Answer 1

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

Interest earned
9223.63-6500==2,723.63