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August 29, 2014

Homework Help: math

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.

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