Nick invested 6281 in account at 17% compounded daily. Calculate the compound interest C after 1 years. Round your answer to the nearest penny if Necessary

Question

Compound interest 

Answer 1

A = p(1 + r/n)^nt

A = 6281(1 + 0.00046575)³⁶⁵

A = 6281(1.00046575)³⁶⁵

A ≈ 6281(1.185256)
A ≈ 7444.5958

 

That amount is principal plus interest.