On June 1, Mary Barkley deposited $1,000 in a savings account that pays 5.5% interest compounded daily. On June 26, how much interest has she earned on principal?

Question

anonymous · Answer

try I = Pin

wherein: 
 I = total interest earned by the principal
P = amount of the principal
i = rate of interest (in decimal form)
n = number of days

given:
P = 1000
i = 0.055                                            *[5.5% / 100 = 0.055]
n = 26 days                                        *[from June 1 to June 26]
I = ?

I = (1000)(.055)(26)
I = 1430

is this correct?

anonymous · Answer

$3.77