You currently have a balance of $2000 on your credit card with a 15% interest rate that is compounded daily. What is your balance after 6 months, assuming you do not make any payments?

Step-by-step explanation: Calculate the daily interest rate by dividing the annual interest rate by the number of days in a year: 15% / 365 = 0.0411%

2Calculate the balance after 6 months by using the compound interest formula: A = P(1 + r/n)^(nt), where A is the amount, P is the principal amount, r is the interest rate, n is the number of times that interest is compounded per year, and t is the time in years. In this case, P = $ 2000, r = 0.15, n = 365 (compounded daily), and t = 0.5 (6 months = 0.5 years)

3Plug in the values into the formula: A = $2000(1 + 0.15/365)^{365*0.5}

4Calculate the balance after 6 months

5A =$2000(1 + 0.15/365)^(365*0.5) = $2000(1 + 0.15/365)^{182.5} ≈$2000(1.000411)^(182.5)

6A ≈ $2000 * 1.0798

7A ≈$2159.60