Question

Mia has $10,000 cash. She wants to place the funds into a savings account with a .12% annual interest rate. The bank pays out daily. What is the final amount of the account after five years is she does not add or withdrawal any funds?

Answer 1

Explanation:

annual interest rate= 12%

Annual interest = $10, 000 x 12/100%

=$1200

total cash=(interest +deposited money ): $10, 000 +$1200

=$11200

five years -$1200x5+$10, 000

=$16, 000