Dave has a savings account that pays interest at 3 1/2% per year. His opening balance for May was $1374.67. He did not deposit or withdraw money during the month. The interest is calculated daily. How much interest did the account earn in May?
First, determine n, which is 31, since May has 31 days.
We use our compound interest balance calculator to get:
1,378.76
First, determine n, which is 31, since May has 31 days.
We use our compound interest balance calculator to get:
1,378.76