Question

Wanda opened a savings account 20 years ago with a deposit of $3,150.37. The account has an interest rate of 4.1% compounded daily. How much interest has Wanda earned?

Answer 1

Take the interest rate and divided by 365
new interest ......> 0.041/365 = (0.0001123 )
if you need to know the future value = 3,150.37*(1.0001123^(20*365)-1) /0.0001123 = 230981.5216
do it again in your own 

Answer 2

Answer:

$4002.215

Step-by-step explanation:

Principal =  $3,150.37.

Time = 20 years

The account has an interest rate of 4.1% compounded daily.

So, r = 0.041

No. of compounds per year = 365

Formula : $A=P(1+\frac{r}{n})^{nt}$

$A=3150.37(1+\frac{0.041}{365})^{365 \times 20}$

$A=7152.5851794$

Interest =Amount - Principal = 7152.5851794 - 3150.37=$4002.215

Hence Wanda earned $4002.215 as interest