Question

on january 7 joelle opened a savings account with $900.it earned 2.1% interest,compounded daily.on january 8she deposited her first paycheck of $76.22.what was her balance at the end of the day in january 8?

Answer 1

Compute the ending balance of the opening balance for the first day then add deposited amount after that compute the balance
The formula is
A=p (1+r/k)^kt
A future value
P present value
R interest rate
K compounded daily 365
T time in days x/365

To sum up kt =365×(1/365)=1 day
A=900×(1+0.021÷365)^(1)
A=900.0517808219... the balance before the amount deposited is added

Now add the amount deposited
900.0517808219+76.22
=976.2717808219

Calculate the balance using the same formula
A=976.2717808219×(1+0.021÷365)^(1)
A=976.33. ..answer

Hope it helps!