SOLUTION: Calculate the amount of interest on $4,000.00 for 1 year, compounding daily at 4.5 % APR.
From the Monthly Interest Table use $1.046025 in interest for each $1.00 invested.
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-> SOLUTION: Calculate the amount of interest on $4,000.00 for 1 year, compounding daily at 4.5 % APR.
From the Monthly Interest Table use $1.046025 in interest for each $1.00 invested.
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Question 1012724: Calculate the amount of interest on $4,000.00 for 1 year, compounding daily at 4.5 % APR.
From the Monthly Interest Table use $1.046025 in interest for each $1.00 invested. Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! Amount of interest = (4000(1+0.045/365)^365)-4000
= 4000(1.046025)-4000
= 4184.10-4000
= 184.10 is the amount of interest for 1 year
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