Jamie received a bonus of $3,000. She decided to deposit the money in a savings account that earns 3.5% compounded daily for 180 days. Find the compound amount after 180 days

The compound amount recieved by Jamie after 180 days is $1,466,844.98

Explanation:

We know that money in any sort of banking account earns interests in a compounding manner.

Amount at the end of time "x" is given by A = P (1+R/100) ˣ

Where A = amount after the said time period

P = Principal

R = Rate

x = time period

One must note that "x" and "R" must be in same time-frame i. e. if the rate is compounded daily, time period must be considered daily and so on.

Substituting the values of P as $ 3000, R as 3.5%, and x as 180

Amount after 180 days = 3000 (1+3.5/100) ¹⁸⁰

Amount = $1,466,844.98

Thus, the amount is $1,466,844.98