1 Numeric 1 point Jeremy deposited \( \$ 2,500 \) in a certificate of deposit paying \( 4.49 \% \) compounded daily for 3 years. How much will he end up with in his account? Type your answer...

To calculate how much Jeremy will have in his account after 3 years with a \( 4.49\% \) interest rate compounded daily, we can use the formula for compound interest: \[ A = P \left(1 + \frac{r}{n}\right)^{nt} \] Where: - \( A \) = the amount of money accumulated after n years, including interest. - \( P \) = the principal amount (initial deposit). - \( r \) = annual interest rate (decimal). - \( n \) = number of times that interest is compounded per year. - \( t \) = the number of years the money is invested for. In this case: - \( P = 2500 \) - \( r = 0.0449 \) - \( n = 365 \) (compounded daily) - \( t = 3 \) Plugging in the values: \[ A = 2500 \left(1 + \frac{0.0449}{365}\right)^{365 \times 3} \] Calculating this gives: \[ A \approx 2500 \left(1 + 0.000123287)\right)^{1095} \] \[ A \approx 2500 \left(1.144547\right) \] \[ A \approx 2861.37 \] So, Jeremy will end up with approximately \(\$2861.37\) in his account after 3 years.