Tom deposited $5000 into a bank to earn interest at 6.5% per annum compounded daily for 2 years and 9 months.
What was the final amount accumulated, and interest accumulated?
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Principle deposite of Tom = 5000
rate of interest = 6.5 % per annum
=(6.5/365)% per day
=`1.780821918xx10^(-4)` per day
conversion period= 1 day
Time= 2 years and 9 months=1000 (days)
2 years and 9 months = (2 x365+9x30)days.
r= rate per annum
n= time in year.
conversion period = 1 year
Thus in problem
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