Find the compound interest on a $4,000 investment at 0.5% compounded daily for 19 days. Click the icon to view the table of compound interest of $100 compounded daily. The interest is $ \boxed{} (Round to the nearest cent as needed.)
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Since the interest rate is 0.5% compounded daily, we can convert the annual interest rate to a daily interest rate. Daily interest rate = (Annual interest rate) / (Number of days in a year) Daily interest rate = 0.5% / 365 Daily interest rate = 0.005 / 365 Daily Show more…
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