5. find the interest earned. assume 3.5% interest compounded daily. $975 deposited april 23 and withdrawn june 18 $6.66 $5.25 $5.16 $6.75

Principal Amount = P = $975
Interest rate = r = 3.5% = 0.035
Compounding periods in a year = n = 365
Time in days = Number of days from April 23 to June 18 = 56
Time in years= t = 56/365
Interest Earned = ?

First we need to calculate the amount accumulated (A) over 56 days period.



Thus, the amount accumulated will be $980.25

Interest Earned = Amount accumulated - Principal Amount
Interest Earned = 980.25 - 975 = $ 5.25

Thus, $5.25 will be earned as interest in the given 56 days period.