Find the amount of interest on $1,500 invested for 20 days at 6.75%, compounded daily. $_____

Answer:The required amount of interest is $5538.   Step-by-step explanation:Given : $1,500 invested for 20 days at 6.75%, compounded daily.To find : The amount of interest ?Solution : Applying compound interest formula,[tex]A=P(1+r)^t[/tex] Where, A is the amount P is the principal P=$1500r is the interest rate  r=6.75%=0.0675 compounded daily t is the time t=20 daysSubstitute the value in the formula,[tex]A=P(1+r)^t[/tex] [tex]A=1500(1+0.0675)^{20}[/tex] [tex]A=1500(1.0675)^{20}[/tex] [tex]A=1500\times 3.69[/tex] [tex]A=\$5538[/tex] Therefore, The required amount of interest is $5538.