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2 years ago

100 Points ! ! !

Mathematics

2 answers:

Andrews [41]2 years ago

8 0

$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

Semenov [28]2 years ago

4 0

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:

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

$\sf \implies I=13123.62461-9824$

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

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