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.

Solution

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.

Solution

Interest : 105.01

Solution steps

Translate the problem into an equation:

9105.01 = 9000 + I

Solve for

I, 9105.01 = 9000 + I : I = 105.01

Interest : 105.01

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