Answer:
The balance would be $ 602.81. ( approx )
Step-by-step explanation:
Given,
Initial balance of Victoria's account = $247,
After depositing an additional $353,
Her new balance = $ 247 + $ 353 = $ 600,
Now, the account pays 5.5% interest compounded daily,
We know that,
If an amount P is compounded daily with the rate of r %,
Then the final amount after t days is,
[tex]A=P(1+\frac{r}{3600})^{t}[/tex]
Hence, her new balance after 31 days,
[tex]A=600(1+\frac{5.5}{36500})^{31}[/tex]
[tex]=\$602.809083923\approx \$ 602.81[/tex]