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Charlie can invest $8,000 at 8.5% interest for 15 days. How much interest will he earn on his investment if the interest is compounded daily?

Respuesta :

audi1000

Answer:

$27.99 interest

Step-by-step explanation:

the formula for Compound interest = P(1 + r/n)^t  . Here n = 365 (number of days in a year), r = annual rate as a decimal and t = the number of days, P = 8000.

Amount after 15 days = 8,000(1 + 0.085/365)^15

= $8027.99.

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