Question: A calculator will be helpful in solving the following problem. A 3-year certificate of deposit pays an annual rate of 5%, compounded daily. The maximum

A calculator will be helpful in solving the following problem. A 3-year certificate of deposit pays an annual rate of 5%, compounded daily. The maximum allowable deposit is $55,000. What is the most interest a depositor can earn from the CD? (Round your answer to nearest cent. Assume a year has 365 days.)

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