Respuesta :
Given:
a.) A recent high school graduate received $800 in gifts of cash from friends and relatives.
b.) In addition, he received three scholarships in the amounts of $450, $600, $1300.
We will be using the Compound Interest Formula:
[tex]\text{ A = P(1 + }\frac{r}{n})^{nt}[/tex]Where,
A = accumulation (the amount of money accumulated after n years with interest)
P = principal (the initial amount you borrow or invest)
r = annual interest rate (in decimal)
n = the number of times the interest is compounded per year
t = the number of years the amount is borrowed or invested for
P = gifts + scholarships = 800 + 450 + 600 + 1300 = $3,150
r = 4% = 4/100 = 0.04
n = daily = 365
t = 36 months = 36/12 = 3 years
We get,
[tex]\text{ A = P(1 + }\frac{r}{n})^{nt}[/tex][tex]\text{ = (3,150)(1 + }\frac{0.04}{365})^{(365)(3)}[/tex][tex]\text{ = (3,150)(}1\text{ + }0.00010958904)^{1,095}[/tex][tex]\text{ = (3,150)(}1.00010958904)^{1,095}[/tex][tex]\text{ = (3,150)(}1.12748943847)[/tex][tex]\text{ = }3,551.59173117[/tex][tex]\text{ A }\approx\text{ \$}3,551.59[/tex]Therefore, the answer is $3,551.59
