Charlie can invest $8,000 at 8.5% interest for 15 days. How much interest will he earn on his investment if the interest is compounded daily

Question

Charlie can invest $8,000 at 8.5% interest for 15 days. How much interest will he earn on his investment if the interest is compounded daily?

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Thanh Thu 3 years 2021-07-30T16:59:20+00:00 1 Answers 63 views 0

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  1. lethu
    0
    2021-07-30T17:00:50+00:00
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    Answer:

    $27.99 interest

    Step-by-step explanation:

    the formula for Compound interest = P(1 + r/n)^t  . Here n = 365 (number of days in a year), r = annual rate as a decimal and t = the number of days, P = 8000.

    Amount after 15 days = 8,000(1 + 0.085/365)^15

    = $8027.99.

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