SOLUTION: Calculate the amount of interest on $4,000.00 for 1 year, compounding daily at 4.5 % APR. From the Monthly Interest Table use $1.046025 in interest for each $1.00 invested.

SOLUTION: Calculate the amount of interest on $4,000.00 for 1 year, compounding daily at 4.5 % APR. From the Monthly Interest Table use $1.046025 in interest for each $1.00 invested.

Algebra.Com

Question 1012724: Calculate the amount of interest on $4,000.00 for 1 year, compounding daily at 4.5 % APR.
From the Monthly Interest Table use $1.046025 in interest for each $1.00 invested.
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Amount of interest = (4000(1+0.045/365)^365)-4000
= 4000(1.046025)-4000
= 4184.10-4000
= 184.10 is the amount of interest for 1 year
J
RELATED QUESTIONS
Calculate the amount of interest on $4,000.00 for 4 years, compounding daily at 4.5 %... (answered by Boreal)

Calculate the�amount of interest�on�$4,000.00�for�1 year, compounding�daily�at�4.5... (answered by TimothyLamb)

Complete the following table, which shows the monthly payments on a $100,000, 30-year... (answered by Theo)

Using daily compounding, calculate the compound amount (in $) of a $7,000 investment for... (answered by ikleyn)

If 6400 dollars is invested at an interest rate of 5 percent per year, find the value of... (answered by solver91311)

Help 1. When interest is added to the principal and interest is again... (answered by stanbon)

You have taken a loan of $70,000.00 for 27 years at 5.3% compounded quarterly. Fill in... (answered by Alan3354)

I tried working this question, but I just dont get it. If $5000 is invested at an... (answered by solver91311)

I tried working this question, but I just dont get it. If $5000 is invested at an... (answered by solver91311)