Friday

August 29, 2014

August 29, 2014

Posted by **Cliff** on Sunday, October 23, 2011 at 4:10pm.

How can I approach this math problem.

"To save for a child's education, the Petersens deposited $2500 into an account that pays 6% annual interest compounded daily. Find the amount of interest earned on this account over a 20-year period".

I try solving with the formula:

A=(1+ i/m)^mt. m = 365; but cannot arrive at the correct answer.

Thanks.

**Related Questions**

math - To save for a child's education,the petersen's deposited $2500 into an ...

math - Choi deposited $2500 in a savings account that pays 4.75% interest ...

math - Samantha opened a savings account and deposited some money into the ...

math - We deposited 7,500 dollars into a savings account which pays 3.6 percent ...

Math - Find the future value of $800 deposited at 5% for 2 years if the account ...

pre-algebra - You split $1500 between two savings accounts. Account A pays ...

math - A couple plans to save for their child’s college education. What ...

Math - a person deposited $500 in a savings account that pays 5% annual interest...

math - 37. A person deposited $500 in a savings account that pays 5% annual ...

Math - A person deposited $500 in a savings account that pays 5% annual interest...