Answer:
Step-by-step explanation:
Use this formula for when compounding is either not continuous or is not annually:
[tex]A(t)=P(1+\frac{r}{n})^{(n)(t)}[/tex] where P is the initial investment, r is the interest rate in decimal form, n is the number of times the compounding occurs per year, and t is the time in years. For us:
P = 5200,
r = .046,
n = 365, and
t = 11
[tex]A(t)=5200(1+\frac{.046}{365})^{(365)(11)}[/tex] and
[tex]A(t)=5200(1+.000126)^{4015}[/tex] and
[tex]A(t)=5200(1.000126)^{4015}[/tex] and
A(t) = 5200(1.658408042) so
A(t) = $8623.72
