SOLUTION: A deposit of $780 is in a bank for 15 years earning interest at a rate of 9.5%. Find the interest earned if the interest is compounded daily. I worked through it like this: F

Question 868879: A deposit of $780 is in a bank for 15 years earning interest at a rate of 9.5%. Find the interest earned if the interest is compounded daily.
I worked through it like this:
FV=P(1+i)^
P=780
i=9.5% = .095x1/365 = .0002602739726
n=15x365 = 5475
FV=780(1+.0002602739726)^5475 = 3242.53
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
You found the future value FV. Now subtract that from the present value PV (the amount deposited) to get the interest earned.

I = FV - PV = 3242.53 - 780 = $2,462.53
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