Based on the amount deposited and the period of compounding, the amount on October 1 will be $1,440.63
First find the number of days of compounding:
= 8 days in August + 30 days in September + 1 day in October
= 39 days
The interest per day is:
= 5.5% / 365 days a year
= 5.5/365%
Amount in savings is:
= Amount x ( 1 + rate) ^ number of periods
= 1,432.19 x ( 1 + 5.5/365%)³⁹
= $1,440.63
In conclusion, the account would have $1,440.63
Find out more about future value at https://brainly.com/question/21916839.
