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18 April, 09:19

Find the interest earned.

Assume 3.5% interest compounded daily.

$42,000 deposited September 10 and withdrawn November 10

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Answers (1)
  1. 18 April, 09:47
    0
    September

    30-10=20 days

    October 31

    November 10

    Time=20+31+10=61 days

    A=42,000 * (1+0.035:365) ^ (61)

    A=42,246.38

    Interest earned

    I=42,246.38-42,000

    I=246.38
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