Questions: Ivan invested 5500 in an account that pays an annual interest rate of 3.1%, compounded daily. Assume there are 365 days in each year. Answer each part. If necessary, refer to the list of financial formulas. (a) Find the amount in the account after one year, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent. (b) Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.

Find the amount in the account after one year, assuming no withdrawals are made.

Calculate the amount using the compound interest formula.

Using the formula \( A = P \left(1 + \frac{r}{n}\right)^{nt} \), we substitute \( P = 5500 \), \( r = 0.031 \), \( n = 365 \), and \( t = 1 \): \[ A = 5500 \left(1 + \frac{0.031}{365}\right)^{365 \cdot 1} \approx 5673.16 \]

Round the result to the nearest cent.

The amount in the account after one year is \( 5673.16 \).

\(\boxed{5673.16}\)

Find the effective annual interest rate, expressed as a percentage.

Calculate the effective annual interest rate using the formula.

Using the formula \( \text{EAR} = \left(1 + \frac{r}{n}\right)^n - 1 \), we substitute \( r = 0.031 \) and \( n = 365 \): \[ \text{EAR} = \left(1 + \frac{0.031}{365}\right)^{365} - 1 \approx 0.0315 \]

Convert the result to a percentage and round to the nearest hundredth.

The effective annual interest rate is \( 3.15\% \).

\(\boxed{3.15}\)

The amount in the account after one year is \(\boxed{5673.16}\) and the effective annual interest rate is \(\boxed{3.15}\).