Question

(WILL GIVE BRAINLIEST TO EVERY QUESTION ANSWERED ON MY PROFIL) Debra Goforth’s savings account shows a balance of $904.31 on March 1st. The same day, she made a deposit of $375 to the account. She also made deposits of $500 on April 1st and May 1st. The bank pays an annual interest rate of 5.5 percent. Use your Compounded Daily chart to calculate the amount in her account on May 29th.

Answer 1

Answer:

$4625.10

Step-by-step explanation:

Her account already had $904.31

You now need to add $375.

Then add $500 twice.

Because of how banks work, we need to find out how much they pay monthly. There are 12 months in a year. 5.5 divided by 12 is 0.45.

45% of 1279.31 is 575.68

Now we add the $575.68 to $1279.31

April is a new month and she deposited $500.

45% of 1854.99 is 834.74

Add $834.74 to $1854.99

Then she deposits 500 on May, another new month.

I think this step is obvious. Just follow what you did last time.

This leaves her with $4625.10