Joan invests $800 at 12.5% per anum compound intrest compounded daily.What is the amount of intrest at the end of first year?
Accepted Solution
A:
A=P(1+i)^n P=800 i=0.125/12 (12.5/100 to get from percentage to normal and /12 to convert from year to months) n=12 A=800(1+0.125/12)^12 =905.93 Therefore , Interest = 905.93-800 =105.93