Question

Wanda opened a savings account 20 years ago with a deposit of $3,150.37. The account has an interest rate of 4.1% compounded daily. How much interest has Wanda earned?

Answer 1

`\bf ~~~~~~ \stackrel{daily}{\textit{Continuously Compounding Interest Earned Amount}}\\\\ A=Pe^(rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$3150.37\\ r=rate\to 4.1\%\to (4.1)/(100)\to &0.041\\ t=years\to &20 \end{cases} \\\\\\ A=3150.37e^(0.041\cdot 20)\implies A=3150.37e^(0.82)\implies A\approx 7152.91457`

how much interest is there? well, A - 3150.37.