posted by Cliff on .
Good day to you.
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.