Question

Find the amount of compound interest earned in an account that opens with $23,000, earns 3.9% interest compounded daily, and is held for 15 years. Assume 360 days in a year. (Round your answer to the nearest cent.)

Answer 1

i=.039/360=.000108333
n=15*360=5400

Amount=2300(1.000108333)^5400
=30153.83

Interest earned=30153.83-23000=$7,153.83