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How much interest is earned on a 1,500 CD if it is invested at 8.25% for 4 years and is compounded daily?

Solution

How much interest is earned on a 1, 500 CD if it is invested at 8.25% for 4 years and is compounded daily?

Solution

Interest : 586.37

Solution steps

Translate the problem into an equation:

2086.37439 \dots = 1500 + I

Solve for

I, 2086.37439 \dots = 1500 + I : I = 586.37

Interest : 586.37

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