Question

On March 26, Samuel Griffin deposited $20,000 in a savings account that pays 5 5% interest compounded daily until July 24.

Answer 1

5 days in march.

31 days in May

30 days in June

24 days through July

rate of 5% each day.

so about 90 days of interest daily.

So 5% of 20,000

5 percent *20000

= (5/100)*20000

= (5*20000)/100

= 100000/100 = 1000

So 1,000 a day

1,000 * 90

= 90,000