Question

100 Points ! ! !

Answer 1

$3299.62

• compounded daily interest : $\sf A = P(1 + \dfrac{r}{n})^{nt}$

• $\sf 9,824.00(1 + \dfrac{3.62\%}{365})^{(365)(8)}$

• $\sf \ 13,123.62$

total money he will have : $13,123.62

• amount earned : $13,123.62 -  $9,824 = $3299.62

Answer 2

Answer:

Interest = $3,299.64 (nearest cent)

Step-by-step explanation:

Compound interest formula:  $\sf I=P(1+\frac{r}{n})^{nt}-P$

where:

• I = total interest earned over time period
• P = initial principal balance
• r = interest rate (in decimal form)
• n = number of times interest applied per time period
• t = number of time periods elapsed

Given:

• P = $9,824
• r = 3.62% = 0.0362
• n = 365
• t = 8 years

Substituting given values into the formula and solving for I:

$\sf \implies I=9824(1+\frac{0.0362}{365})^{365 \times8}-9824$

$\sf \implies I=13123.62461-9824$

$\sf \implies I=3299.62 \ (nearest \ hundredth)$