How will compound interest be calculated on compounded hourly ? If $3000 is invested at an interest rate of 4.8%, compounded hourly for two years, what is the ending balance?

Compound interest be calculated on compounded hourly

Use the compound interest formula:
\(B = p{\left( {1 + \frac{r}{n}} \right)^{nt}}\)

Where,

• ‘B’ refers the ending balance, 
• ‘p’ refers the principal or the original balance, 
• ‘r refers the interest rate, 
• ‘n’ refers the number of times interest is compounded annually
• ‘t’ refers the number of years.

Now, use the values for the variables from question, which are,
\(p = \$ 3000,r = 4.8\% ,t = 2,n = 365 \times 24\)