Respuesta :
The money, to the nearest cent, would be in the account after 15 years is $13060.
What is Daily Compound Interest ?
Due to the high frequency of compounding, daily compounded interest is larger than monthly/quarterly compounded interest since interest is accumulated on a daily basis and is determined by charging interest on principal plus interest gained on a daily basis
It is given in the question that Kennedy invested $5000
Interest rate = 6.4% compounded daily
Assuming no deposits and withdrawals
T = 15 years
The formula for amount obtained after 15 years when interest is compounded daily
[tex]\rm A = (P(1 + \dfrac{r}{n})^{nt})[/tex]
[tex]\rm A = (5000(1 + \dfrac{6.4}{365*100})^{365*15})[/tex]
A = 5000 * 2.612
A = $13060
Therefore , money, to the nearest cent, would be in the account after 15 years is $ 13060.
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