Q:
      
      
         
            
Bob Kashir deposited $6000 in a 4-year certificate of deposite paying 5% compounded daily.He withdrew the money 15 months later.The passbook rate at his bank is 3.5 % compounded daily.Find his amount of interest
         
       
      
      
      
          
      
      
          Answer & Explanation
         Answer: D) 6210.73         
         
Explanation: Bob receives 15-3 = 12 months of 3.5 % interest compounded daily
 
 
 
M=P(1+i/365)^365n
       
      
      
      
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