In August 2013, Ally Bank was offering 0.16% interest on its Online Savings Account, with interest reinvested daily. Assuming that this rate of return continued for 8 years, how much was would a deposit of $4000 in August 2013 be worth in August 2021? (round to the nearest cent)

Answer 1

figure the number of days, t
Then the result would be 4000(1 + 0.0016/365)^t