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?

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Eirian 6 months 2021-07-26T08:15:43+00:00 1 Answers 6 views 0

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    2021-07-26T08:16:44+00:00

    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.

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