The following money market account rates were available from a particular bank. Find the compound amount and the interest earned.\$9000 at 1.16% compounded daily for one year.

Solución

The following money market account rates were available from a particular bank. Find the compound amount and the interest earned.$9000 at 1.16% compounded daily for one year.

Solución

Interest : 105.01

Pasos de solución

Translate the problem into an equation:

9105.01 = 9000 + I

Resolver para

I, 9105.01 = 9000 + I : I = 105.01

Interest : 105.01

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