Final answer:
To find out the amount in a savings account after 15 years with an APR of 0.8% compounded daily from a $2,500 deposit, use the compound interest formula A = P(1 + r/n)^(nt) with P = $2,500, r = 0.008, n = 365, and t = 15.
Step-by-step explanation:
To calculate how much you will have in a Compass Bank savings account after 15 years when the account offers an APR of 0.8% compounded daily, you can use the formula for compound interest:
A = P(1 + \frac{r}{n})^(nt)
Where:
A = the amount of money accumulated after n years, including interest.
P = the principal amount (the initial amount of money).
r = the annual interest rate (decimal).
n = the number of times that interest is compounded per year.
t = the time the money is invested for in years.
In this scenario, P = $2,500, r = 0.8/100 = 0.008, n = 365 (since the interest is compounded daily), and t = 15 years.
Now, plugging the values into the formula:
A = 2500(1 + \frac{0.008}{365})^(365 * 15)
To solve this equation, you will require a calculator. Once calculated, this will give you the final amount in the account after 15 years.