Find the compound amount for the deposit Round to the neares

Find the compound amount for the deposit Round to the nearest cent. $26,975 at 8.5% compounded daily for 5 years A) $41,258.66 B) $18,773.25 C) $17,496.25

Solution

A = P(1+(r/n))^{n t}

P =$26,975

r=8.5% = .085

t=5yrs

A= 26,975(1+(.085/365))^365*5

A=$41258.66