Bentley is going to invest $98,000 and leave it in an account for 7 years. Assumingthe interest is compounded daily, what interest rate, to the nearest tenth of a percent,would be required in order for Bentley to end up with $114,000?​

Answer:The rate of interest for compounded daily is 2.1 6Step-by-step explanation:Given as :The principal investment = $ 98,000The Time period for investment = 7 yearsLet The rate of interest compounded daily = R %The Amount at the end up = $ 114,000From compounded methodAmount = Principal × [tex](1+\dfrac{rate}{365\times 100})^{365\times Time}[/tex]Or, $ 114,000 = $ 98,000  × [tex](1+\dfrac{R}{365\times 100})^{365\times 7}[/tex]Or, [tex]\frac{114000}{98000}[/tex] = [tex](1+\dfrac{R}{36500})^{2555}[/tex]or, 1.16326 = [tex](1+\dfrac{R}{36500})^{2555}[/tex]or, [tex](1.16326)^{\frac{1}{2555}}[/tex] = 1 + [tex]\frac{R}{36500}[/tex]1.00005919 - 1 =  [tex]\frac{R}{36500}[/tex]or, 0.00005919 =  [tex]\frac{R}{36500}[/tex]∴ R =  0.00005919 × 365000 = 2.16 Hence the rate of interest for compounded daily is 2.1 6   Answer