Sagot :
$3299.62
- compounded daily interest : [tex]\sf A = P(1 + \dfrac{r}{n})^{nt}[/tex]
- [tex]\sf 9,824.00(1 + \dfrac{3.62\%}{365})^{(365)(8)}[/tex]
- [tex]\sf \$13,123.62[/tex]
total money he will have : $13,123.62
- amount earned : $13,123.62 - $9,824 = $3299.62
Answer:
Interest = $3,299.64 (nearest cent)
Step-by-step explanation:
Compound interest formula: [tex]\sf I=P(1+\frac{r}{n})^{nt}-P[/tex]
where:
- I = total interest earned over time period
- P = initial principal balance
- r = interest rate (in decimal form)
- n = number of times interest applied per time period
- t = number of time periods elapsed
Given:
- P = $9,824
- r = 3.62% = 0.0362
- n = 365
- t = 8 years
Substituting given values into the formula and solving for I:
[tex]\sf \implies I=9824(1+\frac{0.0362}{365})^{365 \times8}-9824[/tex]
[tex]\sf \implies I=13123.62461-9824[/tex]
[tex]\sf \implies I=3299.62 \ (nearest \ hundredth)[/tex]