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4 March, 18:56

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?

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  1. 4 March, 19:28
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    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
  2. 4 March, 20:39
    0
    Step-by-step explanation: show it
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