Question

5) Karen deposits $4156 into an investment account that offers 3.45% interest per year, compounded daily. How much will her investment be worth after 6 years? ​

Answer 1

$5111.76

Explanation:

compounded daily means 365 times interest is compounded per year, so

A=4156x
`(1+(0.0345)/(365)) ^(365x6)` ≈ 5111,76