Sam invests $23,807.50 on January 3, 2018 at an annual simple interest rate of 2.725%. Use the daycount convention ACT/365.

a) Define the accumulation amount and the accumulation factor for a loan/investment. Give the formula for the accumulation factor for simple interest with annual rate i.

b) Explain how to compute t using the daycount convention ACT/360. Explain the difference between that daycount convention and ACT/365.

c) How much interest does Sam earn in 1 day?

d) How much money is in her account on March 4, 2018?

e) On what day does the balance in her account first equal or exceed $23,915.63?