A. Find how much money there will be in the account after the given number of years.​ (Assume 360 days in a​ year.)   B. Find the interest earned.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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23
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.
Principal
Rate
Compounded
Time
$20,000
4.5%
daily
15 years
 
A. Find how much money there will be in the account after the given number of years.​ (Assume 360 days in a​ year.)
 
B. Find the interest earned.
_______________________________________
A. The amount of money in the account after 15years is $________.
​(Round to the nearest hundredth as​ needed.)
 
B. The amount of interest earned is $_______.
​(Round to the nearest hundredth as​ needed.)
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