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

@Hero

anonymous · Answer

@amistre64

anonymous · Answer

@Loser66

anonymous · Answer

hi

loser66 · Answer

hi

anonymous · Answer

any idea how to solve this any pointers?

loser66 · Answer

you have formula, right? just apply

anonymous · Answer

I have. I dont think I am applying my numbers right

loser66 · Answer

show me your work

anonymous · Answer

A=P(1+r)^n here is the formula

anonymous · Answer

the pay periods and rate are giving me trouble .  dont know if im supposed to be using 25 days (june 1 - june 26) or 365 days.  either way, the numbers never come out right

loser66 · Answer

I think 25 days

anonymous · Answer

ya but like i said, even with those numbers it doesnt come out

loser66 · Answer

type all

anonymous · Answer

https://courseplayer.avalearning.com/CourseFiles/Questions/1154910/L8%2005.png

loser66 · Answer

I mean your work

anonymous · Answer

Rate = .055/25
Rate = .001964285
 
A=P(1.00 + .001964285)^n
A=P(1.001964285)^n
A=P(1.001964285)^25
A=P(1.050282271
A=1000(1.050282271
A=1050.282271

anonymous · Answer

i tried multiplying like you said and i got an error when i got to the exponent caluclation

loser66 · Answer

I see you apply monthly, right?

anonymous · Answer

what do you mean

loser66 · Answer

http://www.purplemath.com/modules/expofcns4.htm because I don't think you apply the correct formula

anonymous · Answer

that was a secondary formula that my teacher gave me.  the one im using now is the one she recommended, but I guess ill give it a shot