Betty makes daily deposits of $5.82 into a savings account. If the account has an annual...
Betty makes daily deposits of $5.82 into a savings account. If the account has an annual rate of 2%, how much interest will she earn after 765 days? The correct answer is 96, but I'm not sure why. Could someone explain this?
Homework Answers
=Future Value-Total Deposits
=Daily Amount/(rate/365)*((1+rate/365)^days-1)-Daily
Amount*days
=5.82/(2%/365)*((1+2%/365)^765-1)-5.82*765
=94.50576791
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Brief Exercise G-05
Mark and Betty Garfield invested $7,000 in a savings account
paying 6% annual interest when their daughter, Angela, was born.
They also deposited $1,000 on each of her birthdays until she was
17 (including her 17th birthday).
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as
displayed in the factor table provided.)
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