In this case, we'll have to carry out several steps to find the solution.
Step 01:
Data
principal = $1590
rate = 6% = 0.06
time = 5 years
amount = ?
Step 02:
compound interest (daily)
A = P ( 1 + r/n) ^ nt
[tex]A\text{ = 1590 }\cdot(1+0.06/365)^{365\cdot5}[/tex]A = 1590 * (1.3498)
A = 2146.22
The answer is:
The total amount is $2146.22
