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20 November, 15:51

Victoria Firth's savings account balance is $247. She deposits an additional $353. The account pays 5.5% interest compounded daily. She makes no other deposits or withdrawals. What will the new balance be after 31 days?

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  1. 20 November, 16:09
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    Hi there

    The formula is

    A=p (1+rt)

    A future value?

    P present value 247+353=600

    R interest rate 0.055

    T time 31/365

    A=600 * (1+0.055 * (31:365))

    A=602.80

    Good luck!
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