Answer:
[tex]A\simeq3399.41[/tex]
Step-by-step explanation:
The amount formula in compound interest is:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
where:
P = principal amount
r = annual interest
n = number of compounding periods
t = number of years
We already know that:
P = $3000
[tex]r = 6.25\% = \frac{6.25\%}{100\%}=0.0625[/tex]
t = 2
n = 365
Then,
[tex]A=3000(1+\frac{0.0625}{365} )^{(365)(2)}\\\\A=3000(1+\frac{0.0625}{365} )^{730}\\\\A=3399.408982\\\\A\simeq3399.41[/tex]
