Question

On October 1, Manda Loya deposited $1,120 in a savings account that pays

5.5 percent interest compounded daily. On October 22, how much interest had
been earned on the principal in her account?

Answer 1

To calculate the interest earned on the principal in Manda Loya's savings account, we need to use the compound interest formula. By plugging in the given values and solving the equation, we find that the interest earned is $21.30.

Step-by-step explanation:

To calculate the interest earned on the principal in Manda Loya's savings account, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where A is the final amount, P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.

In this case, Manda deposited $1,120 with an interest rate of 5.5%, and interest is compounded daily. So, we have:

A = 1120(1 + 0.055/365)^(365 * 21)

After calculating this, we find that the final amount in the account is approximately $1141.30. Therefore, the interest earned on the principal is $1141.30 - $1120 = $21.30.

Answer 2

that is it

Step-by-step explanation:

1. 11200*(1.05)^21 is total amount of money she gets on October 22 , after 21 days

2. 11200(1.05)^21-11200 total amount -original amount = how much interest earned