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ivanzaharov [21]
2 years ago
13

Jim opens a savings account with $22,500. his account pays 3.5% interest compounded daily. at the end of 5.5 years, jim closes t

he account. how much interest does he earn? what is the total value of his account when he closes it?
Mathematics
1 answer:
Allushta [10]2 years ago
5 0
Answer:
$27,186.57

Step-by-step explanation:
Formula: starting cost(interest • 1)^time
First, we need to calculate the interest which in this case it would be 1.035(1+(3.5/100)) since it is increasing 3.5% each year. Then we can just plug the values into the formula to get:

22,500(1.035•1)^5.5 = 27,186.57
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