SOLUTION: Calculate the return A if the bank compounds daily (n=365) 20,000 & 8% (n=365) This is what I have so far: A= 20,000 ( 1+.08/365) 365*3 A= 20,000 (1.00)^1095 = ? Thanks, Ch

SOLUTION: Calculate the return A if the bank compounds daily (n=365) 20,000 & 8% (n=365) This is what I have so far: A= 20,000 ( 1+.08/365) 365*3 A= 20,000 (1.00)^1095 = ? Thanks, Ch

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Question 38414: Calculate the return A if the bank compounds daily (n=365)
20,000 & 8% (n=365)
This is what I have so far:
A= 20,000 ( 1+.08/365) 365*3
A= 20,000 (1.00)^1095
= ?
Thanks, Christine
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Not exactly...more like this
A= 20,000*(1 + .08/365)^(365*3)
A= 20,000*(1.000219178)^1095 (makes a difference!)
Now exponentiate and multiply by 20000 and get
A = $25424.31
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