you desposit $1500 in an account that pays 3% annual interest compounded daily. What will the balance be after 1 year?
The compound interest formula is: A = P(1 + r/n)^(n·t)
where: A = final amount P = beginning amount = 1500 r = rate (as a decimal) = 0.03
n = number of times compounded per year = 365 t = number of years = 1
A = 1500(1 + 0.03/365)^(365·1) = $1545.68
