Answer:
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount borrowed
From the information given,
P = 5000
r = 9
5.5% = 5.5/100 = 0.055
Assuming they are 365 days in a year
n = 365 because it was compounded 52 times in a year.
t = 29/365 = 0.0794
Therefore,
A = 5000(1 + 0.055/365)^365 × 0.0794
A = 5000(1 + 0.00015)^29
A = 5000(1.00015)^29
A = $5022
