To calculate the ampount of money in the account after 5 years, we will use the formula:
[tex]A=p(1+\frac{r}{n})^{nt}[/tex]where A is the final amount
P is the initial amount or principal
r is the rate
n is the number of times the interest is applied
t is the time in years
From the question,
P = $6000 r = 2.12/100 = 0.0212 t= 5 n=365
substitute the values ibto the formula and evaluate
[tex]A=6000(1+\frac{0.0212}{365})^{365\times5}_{}[/tex][tex]A=6000(1+\frac{0.0212}{365})^{1825}[/tex][tex]A=6670.91[/tex]The amount is $6670.91
b)
To find the annual percentage yield (APY) on this account, we will use the formula:
[tex]APY=(1+\frac{r}{n})^n-1[/tex]