Homework Help: ALGEBRA

Posted by Danny on Sunday, May 27, 2012 at 10:39am.

Find the amount of compound interest earned in an account that opens with $23,000, earns 3.9% interest compounded daily, and is held for 15 years. Assume 360 days in a year. (Round your answer to the nearest cent.)

ALGEBRA - jenny, Sunday, May 27, 2012 at 11:12am
i=.039/360=.000108333
n=15*360=5400

Amount=2300(1.000108333)^5400
=30153.83

Interest earned=30153.83-23000=$7,153.83

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