Question 1133095
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When the interest rate is quoted as "6.25% compounded daily, it means that 6.25% is the ANNUAL percentage rate.  The daily percentage rate is 1/365-th of 6.25%.<br>
So the value of this investment after 30 days is<br>
{{{1000000(1+.0625/365)^30 = 1005149.76}}} to the nearest cent.<br>
The amount earned in those 30 days is then $1,005,149.76 - $1,000,000 $5,149.76.