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

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.

Thanks.

## Answer this Question

## 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 ...
- Algebra - Show how you substitute the values into the formula, then use your ...
- Compound math - (Future Value) Suppose you invest $8000 into an account that ...
- Math - Please help me and show an understanding please, so I see how to figure ...
- math - This problem has to do with exponential models. The question says, you ...
- Math - Find the future value of $800 deposited at 5% for 2 years if the account ...
- math - I have been staring at this problem forever, and cant seem to dig it up ...
- math - If you have a savings of $2235 and deposit the amount into an account ...
- math - If an apartment complex will need painting in 3 1 2 years and the job ...