Suppose you decide to deposit $24,000 in a savings account that pays a nominal rate of 12%, but interest is compounded daily. Based on a 365-day year, how much would you have in the account after four months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)

The total amount after four-month is 24982.08 dollars.

Explanation:

The amount to deposit in savings account = $24000

Nominal interest rate = 12%

Daily rate = 12 /365= .03288%

The interest is compounded daily and a number of months = 4 months.

We have to calculate the total amount after the four months. The calculation is given below:

Number of days in 4 months = 4 × 365/12 = 121.66 (rounded to 122)

Amount in account = Amount deposited ×  (1+i)^n

                   = 24000 ×  (1+.0003288)^122

                    = 24000 ×  (1.0003288)^122

                   = 24000 × 1.04092

                  =  24982.08 dollars

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