Question

Find the amount of compound interest earned in an account that opens with $21,000, earns 5.5% interest compounded daily, and is held for 20 years. Assume 360 days in a year. (Round your answer to the nearest cent.)

Answer 1

.055/360 = .000152777
no of days in 20 years = 7200
amount = 21000(1.000152777)^7200 = 63081.83

so what was the interest earned?