The amount is A= 1691.238
<h3>What is interest?</h3>
Interest is the price you pay to borrow money or the cost you charge to lend money. Interest is most often reflected as an annual percentage of the amount of a loan. This percentage is known as the interest rate on the loan.
For example, a bank will pay you interest when you deposit your money in a savings account. The bank pays you to hold and use your money to invest in other transactions. Conversely, if you borrow money to pay for a large expense, the lender will charge you interest on top of the amount you borrowed.
As per given , we have
P= $1500
r= 2.4%=0.024
n= 5 years
A= ( 1+ r/365)^ 365 *n
A= 1500 ( 1+ 0.024/ 365) ^ 365 *5
A= 1500 ( 1.00006575342) ^ 1825
A= 1691.238
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