Question 10 (3 points) Lloyd opened a savings account 13 years ago with a deposit of $5,003.86. The account has an interest rate of 3.7% compounded daily. How much interest has Lloyd

earned? (3 points)

a

Ob

$5,189.00

$8,024.70

$3,090.64

$8,094.50

Od

$3,090.64

Step-by-step explanation:

We shall allocate a random letter to each value, with that I explain the formula.

Initial value of investment = $5,003.86  = P

Rate of interest = 3.7% = R

Compounding interval in a year = 365 = I

Total period = 13 years = T

Value of investment in compound interest formula shall be:

Now, putting values in the above equation:

= $8,094.50

Thus, interest earned = Total value of investment on maturity - Initially invested amount

= $8,094.50 - $5,003.86 = $3,090.64

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