Answer:
$333.73 interest earned
Step-by-step explanation:
Equation used:
[tex]A = P( 1 + \frac{r}{n})^{nt} \\[/tex]
Breakdown:
P = principal amount
r = rate of interest
n = number of times compounded annually
t = total period
Knowns:
P = $1000
r = 0.48% or 0.048
n = 365 times
t = 6 years
Solving for amount of interest earned:
Input the values.
[tex]A = 1000(1 + \frac{0.048}{365})^{2190} \\A = 1333.73[/tex]
Subtract 1000 to get amount of interest earned.
1333.73 - 1000 = 333.73
amount of interest earned = $333.73 (aproxim)
