Leah is going to invest $30,000 and leave it in an account for 7 years. Assuming the interest is compounded daily, what interest rate, to the nearest tenth of a percent, would be required in order for Leah to end up with $40,000?

Compound interest is the amount charged on the principal amount and the accumulated interest with a fixed rate of interest for a time period.

The formula for the final amount with the compound interest formula can be given as,

[tex]A=P\times\left(1+\dfrac{r}{n\times100}\right)^{nt}\\[/tex]

Here, A is the final amount (principal plus interest amount) on the principal amount P of with the rate r of in the time period of t.

Leah is going to invest P=$30,000 and leave it in an account for t=7 years.

The interest is compounded daily.
The final amount of A is $40,000?

Put the values in the above formula to find rate of interest.

[tex]A=P\times\left(1+\dfrac{r}{n\times100}\right)^{nt}\\40000=30000\times\left(1+\dfrac{r}{12\times30\times100}\right)^{12\times30\times(7)}\\r=4.11 \5[/tex]

Thus, the interest rate which is required in order for Leah to end up with $40,000 in his account which is compounded daily, is 4.11%.

Learn more about the compound interest here;

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