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A person deposits $1000 into a savings account that earns interest at 12.25% compounded daily. How...

A person deposits $1000 into a savings account that earns interest at 12.25% compounded daily. How much interest will be earned during the second year? Ans; 147.27$

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Answer #1
A person deposits $1000 into a savings account that earns interest at 12.25% compounded daily. How much interest will be earned during the second year? Ans; 147.27$
Compound Interest= P(1+r)^n-1
P 1000
r 12.25%
Installment
Year1 =E7*(1+E8/365)^(365) 1130.296
year2 =E7*(1+E8/365)^(2*365) 1277.569
Interest earned during year 2 =G13-G12
147.2729
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