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Joanne deposits $4,300 into a one-year CD at a rate of 4.3%, compounded daily. How much interest does she earn?
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Joanne deposits $4,300 into a one-year CD at a rate of 4.3%, compounded daily. How much interest does she earn?

User Subhaze
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1 Answer

3 votes
This is a compund interest problem which means that the formula to use is
Final Amount = Initial investment (1+(rate/100)/amount of times it is compounded per year)^amount of times compounded per year*amount of years

A = P (1+R/N)^NT

this means that Joanne's final amount is $4488.92 or that she earned $188.92 in interest
User Plamena Gancheva
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