Carson invested $850 in an account paying an interest rate of 5.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the
nearest dollar, would be in the account after 6 years?

$850×5.7/100=48.45

850+48.45=898.45

898

A = $ 1,195.63

A = P + I where

P (principal) = $ 850.00

I (interest) = $ 345.63

Step-by-step explanation:

First, convert R percent to r a decimal

r = R/100

r = 5.7%/100

r = 0.057 per year,

Then, solve our equation for A

A = P(1 + r/n)nt

A = 850.00(1 + 0.00475/12)(12)(6)

A = $ 1,195.63

Summary:

The total amount accrued, principal plus interest,

from compound interest on an original principal of

$ 850.00 at a rate of 5.7% per year

compounded 12 times per year

over 6 years is $ 1,195.63.