Answer
[tex]A=1400(1.0001)^{365t}[/tex]APY = 4.39 %
Step-by-step explanation
Compound interest formula
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]where
• A: final amount (value of the account after t years)
,• P: principal (amount of money invested)
,• r: interest rate (APR), as a decimal
,• n: number of times interest applied per year
,• t: time in years
Substituting, P = $1400, r = 0.043 (= 4.3/100), n = 365 (compounded daily means 365 times per year), we get:
[tex]\begin{gathered} A=1400(1+\frac{0.043}{365})^{365t} \\ A=1400(1.0001)^{365t} \end{gathered}[/tex]APY formula
[tex]APY=\lbrack(1+\frac{r}{n})^n-1\rbrack\times100[/tex]Substituting with the before mentioned values, we get:
[tex]\begin{gathered} APY=\lbrack(1+\frac{0.043}{365})^{365}-1\rbrack\times100 \\ APY=4.39\text{ \%} \end{gathered}[/tex]