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Nikitich [7]
3 years ago
9

Neal opened a savings account 11 years ago with a deposit of $2,335.69. The account has an interest rate of 4.3% compounded dail

y. How much interest has Neal earned? (3 points)
$1,412.52

$2,436.12

$1,375.75

$3,748.21
Mathematics
1 answer:
Vinvika [58]3 years ago
8 0

Answer: $1,412.52

Step-by-step explanation:

Formula to calculate the accumulated amount if <em>P</em> principal invested for <em>t </em>years at a rate of interest <em>r</em> that compounded daily is given by:-

A=P(1+\dfrac{r}{365})^{365t}

Given: P= $2,335.69

r= 4.3%= 0.043

t= 11 years

Then,

A=2335.69(1+\dfrac{0.043}{365})^{365\times11}\\\\=2335.69(1+0.000117808219178)^{4015}\\\\=2335.69(1.000117808219178)^{4015}\\\\= 2335.69(1.6047566747)\\\\=3748.09044309\approx3748.21\\\\\Rightarrow\ A=\$3748.21

Interest earned = A-P

= $3748.21- 2335.69.

= $1412.52

Hence, Neal earned $1,412.52 as interest.

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