SOLUTION: $8000 @ 1.35 interested compound daily will yeild how much per year and per month

Question 360726: $8000 @ 1.35 interested compound daily will yeild how much per year and per month
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Start with the compound interest formula

Plug in (the amount invested), (the decimal equivalent of 1.35%), (since it's compounded daily) and (for one year).

Evaluate } to get

Add to to get

Multiply and to get .

Evaluate to get .

Multiply and to get .

Round to the nearest hundredth (ie to the nearest penny).

So in one year, you'll have $8108.73 in the account.
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