Wanda opened a savings account 20 years ago with a deposit of $3,150.37. The account has an interest rate of 4.1% compounded daily. How much interest has Wanda earned?

Question

anonymous · Answer

Help please

anonymous · Answer

can any one help me

tkhunny · Answer

$Payment * \left(1 + \dfrac{0.041}{365}\right)^{20*365} = $3,150.37$

All of this shoudl be ringing bells.  Is there any piece of you you do not understand?

anonymous · Answer

thats wrong ,, these are the answers choices; $3,886.45

 $7,152.59

 $4,002.22

 $3,279.54

tkhunny · Answer

You are right.  it is wrong.  I misread the given amount as the final accumulation.  How did I do that?  You tell me how to fix it.  This is a test!

tkhunny · Answer

$Payment \cdot\left(1+\dfrac{0.041}{365}\right)^{20*365} = Payment + Interest$

We are given the interest, so,

$Payment \cdot\left(1+\dfrac{0.041}{365}\right)^{20*365} = Payment + $3,150.37$