Find the amount of compound interest earned in an account that opens with $23,000, earns 4.3% interest compounded daily, and is held for 10 years. Assume 360 days in a year. (Round your answer to the nearest cent.)

Question

$ 1

Answer 1

i = .043/360 = .000119444
n = 12(360) = 3600

amount = 23000(1.000119444)^3600
= 35356.0145

= $35,356.01

Keystrokes on my calculator:
.043÷360
=
+1
=
y^x
3600
=
x 23000
= ........ to get 35356.01