SOLUTION: find the future value of an investment if the present value is $5806.91 and the investment earns 9.57% apr for 8 years compounded daily
a. $2,700.81
b. $12,485.25
c. $2,795.2
Algebra.Com
Question 1153422: find the future value of an investment if the present value is $5806.91 and the investment earns 9.57% apr for 8 years compounded daily
a. $2,700.81
b. $12,485.25
c. $2,795.20
d. $7,886.19
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
Compound Interest Formula
where
is the present value
(is decimal value of the annual interest rate),
is the number of years invested
is the number of compounding periods per year.
= is the future value, meaning the amount the principal grows to after years
=> answer: b. $
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