Answer:
$2,699.72
Step-by-step explanation:
Given that
The deposited amount is $2,000
The annual rate of interest is 6%
And, the time period is 5 years
We need to find out the amount that would be in the account in the case when it is compounded daily
So,
The following formula should be used
= Deposited amount × e^(rate, time period)
= $2,000 × e^(0.06,5)
= $2,000 × e^0.3
= $2,699.72
