Question

Find the final amount for the investment given you initially have $5500 earning

6.25% interest compounded daily for 5 years rounded correctly.
A. $289,093.75 B. $7447.44
C. $7447.45
D. $7517.41
E. $7517.40

Answer 1

is the final value
P is the initial principle
r is the (annual) interest rate (as a decimal)
t is time (years)

10500%2Ae%5E%28%28.0625%2A25%29%29