This is a question on compound interest
In this case, it was compounded daily for 8years.
The formula to be used is one for calculating the amount of compound interest.
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \text{where A = final amount} \\ P=pr\text{incipal = \$50,000} \\ r=\text{rate= 4.1 \%}=0.041 \\ n=n\text{umber of times }the\text{ interest is compounded per year = 365 times} \\ t=n\text{umber of years}=8\text{years} \end{gathered}[/tex][tex]\begin{gathered} A=50,000(1+\frac{0.041}{365})^{365\times8} \\ A=50000(1+0.00011233)^{2920} \\ A=50000\times(1.00011233)^{2920} \\ A=50000\times1.3882 \\ A=69,410\text{ dollars} \end{gathered}[/tex]Therefore, the money in the account after 8years to the nearest ten dollars is $69,410
