find the amount in the account for the given principal, interest rate, time, and compounding period. p =…

Explanation:

Step1: Identify the compound - interest formula

The compound - interest formula when compounded $n$ times a year is $A = P(1+\frac{r}{n})^{nt}$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), $t$ is the number of years, and $n$ is the number of times compounded per year.

Step2: Convert the given values to the correct form

The principal $P = 1100$, the annual interest rate $r=4.5%=0.045$, the number of years $t = 5$, and since it is compounded daily, $n = 365$.

Step3: Substitute the values into the formula

$A=1100(1 +\frac{0.045}{365})^{365\times5}$. First, calculate the value inside the parentheses: $\frac{0.045}{365}\approx0.000123288$, then $1+\frac{0.045}{365}=1 + 0.000123288=1.000123288$. Next, calculate the exponent: $365\times5 = 1825$. Then, $(1.000123288)^{1825}\approx1.25237$. Finally, $A = 1100\times1.25237=1377.607\approx1377.61$.

Answer:

$$1377.61$