Asked by Anonymous
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.)
Answers
Answered by
Reiny
.055/360 = .000152777
no of days in 20 years = 7200
amount = 21000(1.000152777)^7200 = 63081.83
so what was the interest earned?
no of days in 20 years = 7200
amount = 21000(1.000152777)^7200 = 63081.83
so what was the interest earned?
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