Answer: $9606.41
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $8000
r = 1.83% = 1.83/100 = 0.0183
Assuming there are 365 days in a year, then
n = 365 because it was compounded 365 times in a year.
t = 10 years
Therefore,
A = 8000(1 + 0.0183/365)^365 × 10
A = 8000(1 + 0.000050137)^3650
A = 8000(1.000050137)^3650
A = $9606.41
