Glacier State Bank pays 6% interest, compounded daily. After finding the daily interest rate (to the nearest millionths place) f
or September 5 (92 days in quarter), calculate the interest earned on that date for an account with a balance of $4,000 (to the nearest whole cent).
1 answer:
6 per cent compounded daily yields
(1 + .(06/365) )^365
=
<span>
<span>
<span>
1.0618313107
</span>
</span>
</span>
-1=
<span>
<span>
<span>
6.18313107 % annually
Total = </span></span></span><span>4,000 * (1.0618313107)^(92/365) =
</span><span>$ 4,060.95
Here's a compound interest calculator:
http://www.1728.org/compint.htm
</span>
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