The following money market account rates were available from a particular bank. Find the compound amount and the interest earned.\11,000 at 1.19% compounded daily for one year. The compound amount is

Solution

The following money market account rates were available from a particular bank. Find the compound amount and the interest earned.\11, 000 at 1.19% compounded daily for one year. The compound amount is

Solution

Interest : 131.68

Solution steps

Translate the problem into an equation:

11131.68 = 11000 + I

Solve for

I, 11131.68 = 11000 + I : I = 131.68

Interest : 131.68

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