Question

tak murakami has a savings account at city saving bank. the account earns 5.5% interest compounded daily. on febuary 2,the ammount in his account $580. how much will be in the acoount in 40 days

Answer 1

Answer:

Step-by-step explanation:

In the original question as shown in the attached picture, there is a compound interest table.

According to the table,  Amount of $1.00 at 5.5% Compounded Daily after 40 days is $1.00604.

Using the formula:  Amount = Original Principal x Amount of $1.00,

the amount in account after 40 days = $580 x 1.00604

= $583.5032

= $583.50 rounded to the nearest cent