SOLUTION: Calculate the future value of Php7,500 earning 9% interest, compounded daily, for 3
years.
Algebra.Com
Question 1207568: Calculate the future value of Php7,500 earning 9% interest, compounded daily, for 3
years.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
formula is f = p * (1 + r) ^ n
f is the future value
p is the present value
r is the interest rate per time period
n is the number of time periods
365 days per year is assumed.
interest rate per day = .09/365
number of days = 3 * 365
formula becomes f = 7500 * (1 + .09/365) ^ (3 * 365) = 9824.406398.
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