Question

Glacier State Bank pays 6% interest, compounded daily. After finding the daily interest rate (to the nearest millionths place) for 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).

Answer 1

6 per cent compounded daily yields
(1 + .(06/365) )^365
= 1.0618313107 -1=
6.18313107 % annually

Total =  4,000 * (1.0618313107)^(92/365) =
$ 4,060.95

Here's a compound interest calculator:
http://www.1728.org/compint.htm