# Math

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Find the amount of compound interest earned in an account that opens with \$27,000, earns 5.8% interest compounded daily, and is held for 5 years. Assume 360 days in a year. (Round your answer to the nearest cent.)

• Math -

P = Po(1+r)^n.

Po = \$27,000.

r = (5.8%/360) / 100% = 0.00016111 =
Daily % rate expressed as a decimal.

n = 360Comp./yr * 5yrs=1800 Compounding
periods.

Plug the above values into the given Eq
and solve for P.

P = \$36,082.70.

Int. = P - Po

• Math -

9082.70

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