Question

Mary deposits $15,000 into a savings account that pays 3.75% interest compounded daily. What will the balance be after five years?

Answer 1

id just use the compound formula

Answer 2

\[A=P(1+r/n)^{nt}\]

Answer 3

hmmm

Answer 4

assuming that there are 365 days in a year... then \(\bf A=P\left(1+\frac{r}{n}\right)^{nt}
\\ \quad \\
A=\textit{current amount}\\
P=\textit{original amount deposited}\to \$15,000\\
r=rate\to 3.75\%\to \frac{3.75}{100}\to 0.0375\\
n=\textit{times it compounds per year}\to 365\\
t=years\to 5\)