Answer:
A. $304.47
Step-by-step explanation:
We are going to use the compound interest formula to solve:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, change 1.48% into a decimal:
1.48% -> [tex]\frac{1.48}{100}[/tex] -> 0.0148
Since the interest is compounded daily, we will use 365 for n. Lets plug in the values now:
[tex]A=300(1+\frac{0.0148}{365})^{365(1)}[/tex]
[tex]A=304.47[/tex]
The balance after a year is $304.47
