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.
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> 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.
Log On
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.
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
