I need help with something .. anyone ?

Lloyd opened a savings account 13 years ago with a deposit of $5,003.86. The account has an interest rate of 3.7% compounded daily. How much interest has Lloyd earned?

$5,189.00

$8,024.70

$3,090.64

$8,094.50

Question

I need help with something .. anyone ? 

Lloyd opened a savings account 13 years ago with a deposit of $5,003.86. The account has an interest rate of 3.7% compounded daily. How much interest has Lloyd earned?
 
$5,189.00 

$8,024.70 

$3,090.64 

$8,094.50

anonymous · Answer

http://openstudy.com/study#/updates/5196a5afe4b0c719b63f9766

anonymous · Answer

@cdog15 I can barely read the persons work. .

nurali · Answer

5,003.86(1+3.7/100)^13
5,003.86(1+0.037)^13
5,003.86(1.037)^13
5,003.86*1.6037
8,024.70

anonymous · Answer

@Nurali  thanks so much! i have a few more, could you help me out ?

nurali · Answer

Anytime.

anonymous · Answer

thanks i'll post them now

anonymous · Answer

first of all, you need to subtract a-p or 8,024.70-5,003.86 to get the interest she earned, that's what they're asking for, and second, i'm not sure your formula is right, since is compounded daily, aka 365 days, and you divided by 100. if anyone tries this answer let me know if it was right

anonymous · Answer

my bad, i meant to say that you didn't divide 0.037 by anything nor multiplied 13(years) by anything