If you invest 21339 today at an interest rate of 900 percent

If you invest $21,339 today at an interest rate of 9.00 percent, compounded daily, how much money will you have in your savings account in 4 years?

Solution

Amount Invested = $21,339
Annual Interest Rate = 9.00%
Daily Interest Rate = 9.00% / 365 = 0.02466%
Amount invested for 4 years

Amount after 4 years = $21,339 * (1 + 0.0002466)^(365 * 4)
Amount after 4 years = $21,339 * 1.0002466 ^ 1460
Amount after 4 years = $30,585.56

So, money in saving account after 4 years is $30,585.56