Question

Brian deposited $3,376 into a savings account for which interest is compoundeddaily at a rate of 2.49%. How much interest will he earn after 11 years? Roundanswer to the hundredths place. If answer does not have a hundredths place theninclude zeros so it does.

Answer 1

`\begin{gathered} A=P(1+(r)/(365))^(365t)^ \\ A=\text{ \$3376 \lparen1 + }(0.0249)/(365))^(365(11)) \\ A=\text{ \$3376 \lparen1.000068\rparen}^(4015) \\ A=\text{ \$3376\lparen1.315\rparen} \\ A=\text{ \$4439.44} \end{gathered}`

If they ask how much interest then: 4439.44 - 3376 = $1063.44