Question

Meg deposited a $3,000 bonus check in a new savings account. The account has an interest rate of 3% for 5 years. The interest is compounded daily. How much money did Meg have at the end of the account term? (Round your answer to the nearest dollar.)

Answer 1

Answer:

The $3485.52 money did Meg have at the end of the account term.

Step-by-step explanation:

Formula for compounded monthly

$Amount = P(1+\frac{r}{365})^{365n}$

Where P is the principle , r is the rate of interest in the decimal form and n is the number of years.

As given

Meg deposited a $3,000 bonus check in a new savings account. The account has an interest rate of 3% for 5 years.

Principle = $3000

3% is written in the decimal form

$= \frac{3}{100}$

= 0.03

Time = 5 years

Put in the formula

$Amount = 3000(1+\frac{0.03}{365})^{365\times 5}$

$Amount = 3000(1+\frac{0.03}{365})^{1825}$

$Amount = 3000(1+\frac{0.03}{365})^{1825}$

$Amount = 3000(1+ 0.0000822)^{1825}$

$Amount = 3000(1.0000822)^{1825}$

$Amount = 3000\times 1.16184$

Amount = $ 3485.52

Therefore the  $ 3485.52  money did Meg have at the end of the account term.

Answer 2

Answer:

The Answer is $3,485 btw

Step-by-step explanation:

Answer C