SOLUTION: Maxine deposited $2,000 into an account that pays 2.5% interest compounded daily. At the end of six months she has earned $25.16 in interest. True or false?

Algebra ->  Finance -> SOLUTION: Maxine deposited $2,000 into an account that pays 2.5% interest compounded daily. At the end of six months she has earned $25.16 in interest. True or false?      Log On


   

Question 1027735: Maxine deposited $2,000 into an account that pays 2.5% interest compounded daily. At the end of six months she has earned $25.16 in interest. True or false?
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
True. 2000%281%2B0.025%2F365%29%5E%28365%2A0.5%29+=+2025.16
==> Interest is $2025.16 - $2000 = $25.16.