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iogann1982 [59]
3 years ago
10

Tony invested $9538 in an account at 8% compounded daily. Identify the compound

Mathematics
1 answer:
Greeley [361]3 years ago
8 0

9514 1404 393

Answer:

  $794.30

Step-by-step explanation:

The account balance for principal P invested at rate r compounded daily for t years is ...

  A = P(1 +r/365)^(365t)

We have P=$9538, r=0.08, t=1, and we want the value of P-A, the interest earned.

  P-A = P(1 +0.08/365)^365 -1) = $9538(1.08327757 -1) ≈ $794.30

The interest earned in one year is $794.30.

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