Question

9. If $1.00 at 5.5%interest compounded daily
has a value of $1.00513 after 34 days, how
much interest would June Akin's account
have earned on $5,000.00 after 34 days?
(Step by step) please

Answer 1

Answer:

After 34 days, Akin's bank account would have $5,034.11

Explanation:

Given that 5.5% annual interest, if compounded daily, represents a daily interest of 0.015%, to determine the total amount that Akin's account will have if its initial amount were $ 5,000 after 34 days of investment, the following must be done calculation:

X = 5,000 x (1 + 0.015) 34

X = 5,034.11

Therefore, after 34 days, Akin's bank account would have $5,034.11.