Compound interest formula
A = P ( 1+ r/n) ^ (nt)
where A is the amount in the account
P is the initial pricinpal balance
r is the interest rate
n is the number of times it is compounded per year
t is the number of years
a) A = 24000(1+.049/1) ^ (1*12)
24000(1.049)^12
42610.55
We want to find the interest, which means subtract the original amount
42610.55-24000=18610.55
b)A = 24000(1+.049/12) ^ (12*12)
24000(1.0040833333)^144
43157.52
We want to find the interest, which means subtract the original amount
43157.52 - 24000 =19157.52
c)A = 24000(1+.049/365) ^ (365*12)
24000(1.00013)^4380
43207.51
We want to find the interest, which means subtract the original amount
43207.51 - 24000 =19207.51
Continuously
A = P e ^ rt
A = 24000 e^(.049*12)
A = 43209.22
We want to find the interest, which means subtract the original amount
43209.22- 24000 =19209.22