A bank offers an investment account with an annual interest rate of 1.17% compounded daily. Kaitlin invests \4200 into the account for 2 years. How much interest is earned on Kaitlin's investment after2 years?

Solution

Solution

Interest : 99.44

Solution steps

Translate the problem into an equation:

4299.43728 \dots = 4200 + I

Solve for

I, 4299.43728 \dots = 4200 + I : I = 99.44

Interest : 99.44

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