Answer: $43,823.37
Step-by-step explanation:
Formula to calculate the accumulated amount earned on principal (P) at rate of interest (r) compounded daily after t years :
[tex]A=P(1+\dfrac{r}{365})^{365t}[/tex]
As per given , we have
P= $ 30,700
r= 8.9 % = 0.089
t= 4 years
[tex]A=30700(1+\dfrac{0.089}{365})^{365(4)}\\\\=30700(1+0.0002438)^{365(4)}\\\\=30700(1.0002438)^{1460}\\\\=30700(1.42747138525)\\\\=43823.3715272\approx43823.37[/tex]
Hence, the amount at the end of 4 years would be $43,823.37 .
