Question

On July 2, Natalie deposited $4500 into a savings account that pays 5.5% interest compounded daily. On July 24, how much interest has she earned on principal

Answer 1

From July 2 to July 24=23 days
A=p(1+i/360)^(360*t)

A=4,500×(1+0.055÷360)^(360×23/360)=4,515.84
Interest earned 4515.84-4500=15.84