Question

You have a saving account at federal saving.the account earns 5.5 percent interest compound daily.on March 6 you had 1,645.72 in your account how much would be in the account on July 4th?

Answer 1

Answer:

  1,675.75

Step-by-step explanation:

Using "exact interest", we divide the annual rate by 365 to find the daily rate. Then the amount the balance is multiplied by in 120 days is ...

  (1 +0.055/365)^120 ≈ 1.018245277

That will result in a balance of ...

  1,645.72 × 1.018245277 ≈ 1,675.75