Share

## Maurice Luken deposited $3,021 in a savings account that paid 5.5 percent interest compounded daily. How much interest did he earn in

Question

Maurice Luken deposited $3,021 in a savings account that paid 5.5 percent interest

compounded daily. How much interest did he earn in 31 days?

in progress
0

Mathematics
6 months
2021-07-26T08:15:43+00:00
2021-07-26T08:15:43+00:00 1 Answers
6 views
0
## Answers ( )

9514 1404 393

Answer:$14.14

Step-by-step explanation:The amount of interest earned is …

I = P((1 +r/365)^n -1) . . . . interest on principal P at annual rate r compounded daily for n days

I = 3021(1 +0.055/365)^31 -1) ≈ 14.14

$14.14 in interest is earned in 31 days.