# Calculating Compound Amount of an Investment with Daily Compounding

## How to calculate the compound amount of an investment with daily compounding?

## Calculating Compound Amount of Thomas Ash's Account

**Scenario:** On April 18, Thomas Ash deposited $2,500 in a passbook savings account at 3.5% interest compounded daily.

**Question:** What is the compound amount (in $) of his account on August 5?

**Final Answer:** The compound amount on August 5 is $2,567.15.

**Explanation:** Thomas Ash's deposit of $2,500 at 3.5% interest compounded daily from April 18 to August 5 is calculated as follows:
- Number of days from April 18 to August 5 = 109 days
- Using the formula A = P(1+365i)^n:
A = 2500(1 + (0.035/365))^109
A = $2,567.15
Therefore, the compound amount in Thomas Ash's account on August 5 is $2,567.15.