SOLUTION: Calculate the amount of interest on $4,000.00 for 4 years, compounding daily at 4.5 % APR. From the Monthly Interest Table use $1.197204 in interest for each $1.00 invested.

SOLUTION: Calculate the amount of interest on $4,000.00 for 4 years, compounding daily at 4.5 % APR. From the Monthly Interest Table use $1.197204 in interest for each $1.00 invested.

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Question 1182470: Calculate the amount of interest on $4,000.00 for 4 years, compounding daily at 4.5 % APR.
From the Monthly Interest Table use $1.197204 in interest for each $1.00 invested.

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
That figure is from (1+(.045/360))^1440, the daily rate for 4 years, using 360 days per year.
Multiply $0.197204*4000 then subtract $4000 principal=$788.81
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