Question

Haley has deposited $816 in a savings account that earns interest at a rate of 2.9% compounded daily. What will the account balance be in nine years?

Answer 1

\[A=816(1+\frac{0.29}{365.25})^{(9\times 365.25)}\]
Note: Using 365.25 days in a year is to allow for leap years.