Posted by diamond on Wednesday, August 1, 2012 at 9:38pm.
compound interest earned in an account that opens with $28,000, earns 2.4% interest compounded daily, and is held for 10 years. Assume 360 days in a year

Finance  Henry, Thursday, August 2, 2012 at 7:39pm
P = Po(1+r)^n.
P = Principal after 10 years.
Po = $28,000 = Inital deposit.
r = (2.4%)/360) / 100% = 0.00006667. =
Daily % rate expressed as a decimal.
n = 360Comp/yr * 10yrs=3600 Compounding periods.
Plug the above values into the given Eq
and get:
P = $35,594.69.
I = PPo =
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