9. diane barvello deposits $1,380 in a certificate of deposit for 3 years. find the compound amount if the interest rate is 5% compounded daily. $1,587.00 $1,603.31 $1,597.53 $1,603.32

Using Compound interest formula:

The exponential function for calculating the amount of money after t years, A(t), where P is the initial amount or principal, the annual interest rate is r and the number of times interest is compounded per year is n, is given by


from the given information:
p = 1,380 , r = 0.05 , t =3  and compounded daily ⇒⇒⇒ n =365

Amount after 3 years =
= 1,603.315