Answer:
The amount at the end of the third day is $9,000.74
Step-by-step explanation:
To calculate his amount, we shall be using the compound interest formula;
Mathematically;
A = I( 1 + r)^nt
where A is the amount which we want to calculate
I is the initial amount deposited = $9,000
r is the interest rate = 1% = 1/100 = 0.01
the daily interest will be 0.01/365 = 0.00002739726
nt is the number of times we shall be compounding = 3 times
Substituting these values;
A = 9,000(1 + 0.00002739726)^3
A = 9,000(1.00002739726)^3
A = 9,000.73974628665
which is approximately; 9,000.74
