Find the amount that is in the account if $4500 is compounded daily at 3.25% for 6 years $1251786

$5469

$6061

$5322

Step-by-step explanation:

1st year interest calculated = 3.25/100 * $4500/1 = $146.25

2nd year principal = 1st year principal + 1st year interest = $4500 + $146.25 = $4646.25. 2nd year interest calculated = 3.25/100 * $4646.25/1 = $151

3rd year principal = 2nd principal + 2nd year interest = $4646.25 + $151 = $4797.25. 3rd year interest calculated = 3.25/100 * $4797.25/1 = $155.91

4th year principal = 3rd year principal + 3rd year interest = $4797.25 + $155.91 = $4953.16. 4th year principal calculated = 3.25/100 * 4953.16/1 = $160.98

5th year principal = 4th year principal + 4 year interest = &4953.16 + $160.98 = $5114.14. 5th year interest calculated = 3.25/100 * 5114.14/1 = $166.21

6th year principal = 5th year principal + 5th year interest = $5114.14 + $166.21 = $5280.35. 6th year interest calculated = 3.25/100 * 5280.35/1 = $171.61

Amount = main principal + compound interest = $4500 + &146.25 + $151+$155.91+$160.98+$166.21+$171.61 = $5451.96