Jason's savings account has a balance of $2179. After 5 years, what will the amount of interest be at 6% compounded quarterly? a
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We know the compound interest formula is given by
Now, we have been given that 24,000 is invested for 2 years with an APR of 6% and daily compounding. Thus, we have
On substituting these values in the above formula for the compound interest, we get
Therefore, the balance in the account after 2 years is 27059.7