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algebra/math

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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.)
$

  • algebra/math -

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

    amount = 24000(1.000097222)^3600
    = 34057.04

    so the interest earned = 34057.04-24000 = 10057.04

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