SOLUTION: Calculate the�amount of interest�on�$4,000.00�for�1 year, compounding�daily�at�4.5 %�APR.

Question 937760: Calculate the�amount of interest�on�$4,000.00�for�1 year, compounding�daily�at�4.5 %�APR.
Answer by TimothyLamb(4379) (Show Source): You can put this solution on YOUR website!
compound-interest formula:
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
---
v = 4000*( 1 + (0.045/365) )^(365*1)
v = 4184.10
---
answer:
interest = $184.10
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