Question

Find the amount in an account if $65,950 is invested at 5.25% compounded daily, for 10 years and 9 months.

Answer 1

Now, there are 12 months in a year, so in 10 years that'd be 120 months, plus 9 more months, that'd be 129 months.

how many years is that?  well, there are 12 months in a year, so 129/12 years, or 43/4 simplified for that matter.

compounding daily will be "continuously compounding" interest, or you can always uses the compound interest with a cycle of 365, assuming 365 days per year.

$\bf \qquad \textit{Continuously Compounding Interest Earned Amount} \\\\ A=Pe^{rt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\ 65950\\ r=rate\to 5.25\%\to \frac{5.25}{100}\to &0.0525\\ t=years\to \frac{129}{12}\to &\frac{43}{4} \end{cases} \\\\\\ A=65950e^{0.0525\cdot \frac{43}{4}}$