Mr. Weinstein has a savings account with a balance of $ 19,211.34. It pays 1.1 % interest compounded daily. What is his ending balance after three years, if no other deposits or withdrawals are made? How much interest does he earn over the three years?

His ending balance is $19,855.88 and interest earn over the year is $644.54

Step-by-step explanation:

To solve this, we will simply use the formula;

A = P (1 + r/n) ^nt

where P = principal

R = rate

T = time

n = the number of times that the interest is compounded per unit t.

A = The accrued amount

From the question given

Principal (p) = $19,211.34

Rate (r) = 1.1 % = 0.011

Time (t) = 3

n = 365

We can now proceed to insert our values into the formula;

A = P (1 + r/n) ^nt

=$19,211.34 (1 + 0.011/365) ^3*365

=$19,211.34 (1+0.000030137) ^1095

=$19,211.34 (1.000030137) ^1095

=$19,211.34*1.0335500408

=$19,855.88

Therefore his ending balance is $19,855.88

To calculate the interest;

A = P + I

$19,855.88 = $19,211.34 + I

Subtract $19,211.34 from both-side of the equation

$19,855.88 - $19,211.34 = $19,211.34 - $19,211.34 + I

$644.54 = I

Therefore interest earn over the year is $644.54

Step-by-step explanation: show it