algebra/math
Find the amount of compound interest earned in an account that opens with $24,000, earns 3.5% interest compounded daily, and is held for 10 years. Assume 360 days in a year. (Round your answer to the nearest cent.)
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The amount of compound interest earned in an account that opens with $24,000, earns 3.5% interest compounded daily, and is held for 10 years can be computed using the formula A = P(1 + r/n)^nt, where A is the amount of money in the account at the end of the time period, P is the initial principal, r is the annual rate of interest, t is the time period, and n is the number of times the interest is compounded in one year. Applying this formula, the amount of compound interest earned is A = $24,000(1 + 0.035/365)^(365*10) = $44,063.22. Thus, the amount of compound interest earned is $44,063.22 - $24,000 = $20,063.22.
