5. You deposit $300 in an account that pays 1.48% annual interest. What is the balance after 1 year if the
interest is compounded daily?
A $304.47
C $368.57
B $301.01
D $301.48

A. $304.47

Step-by-step explanation:

We are going to use the compound interest formula to solve:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 1.48% into a decimal:

1.48% -> -> 0.0148

Since the interest is compounded daily, we will use 365 for n. Lets plug in the values now:

The balance after a year is $304.47

idk i would have to be there to under stand it

step-by-step explanation:

idk i would have to be there to under stand it

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step-by-step explanation: