Find the amount of compound interest earned in an account that opens with $24,000, earns 3.5% interest compounded daily, and is held for 10 years. Assume 360 days in a year. (Round your answer to the nearest cent.)

Question

$

Answer 1

i = .035/360 = .000097222
n = 10*360 = 3600

amount = 24000(1.000097222)^3600
= 34057.04

so the interest earned = 34057.04-24000 = 10057.04