Florence tyler invests $6,500 in a 4-year certificate of deposit that earns interest at an annual rate of 5 percent compounded daily. the amount per $1.00 is 1.221386 what is the interest earned ? show work

$ $ 1439.0077 ( approx)

Step-by-step explanation:

Since, the amount in the compound interest when interest is calculated daily is,

Where P is the principal amount,

r is the annual interest rate,

n is the number of years,

Here, P = $ 6500

r = 5%

n = 4 years,

Therefore, the amount after 4 years,

Therefore, the compound interest after 4 years = 7939.00767349 - 6500 = 1439.00767349 ≈ $ 1439.0077