Can someone please help me with this? I am so confused.

Neal opened a savings account 11 years ago with a deposit of $2,335.69. The account has an interest rate of 4.3% compounded daily. How much interest has Neal earned? $1,412.52
$2,436.12
$1,375.75
$3,748.21

Question

Can someone please help me with this? I am so confused.

Neal opened a savings account 11 years ago with a deposit of $2,335.69. The account has an interest rate of 4.3% compounded daily. How much interest has Neal earned?  $1,412.52  
$2,436.12  
$1,375.75  
$3,748.21

pooja195 · Answer

The formula for calculating compounded interest is 

A = P ( 1 + (r/n) )^(nt)

where P is your starting (principal) amount, r is the annual interest rate, n is the number of times compounded annually, and t is the number of years.

So, plug in your numbers and you will get $3748.21.

pooja195 · Answer

http://answers.yahoo.com/question/index?qid=20110930095807AA6cz5p

anonymous · Answer

Thank you so much!!

pooja195 · Answer

np:)