SOLUTION: Calculate, to the nearest cent, the future value of an investment of $10,000 at 6.5%/year, compounded daily (assume 365 days/year) after 9 years

SOLUTION: Calculate, to the nearest cent, the future value of an investment of $10,000 at 6.5%/year, compounded daily (assume 365 days/year) after 9 years

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Question 234216: Calculate, to the nearest cent, the future value of an investment of $10,000 at 6.5%/year, compounded daily (assume 365 days/year) after 9 years
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
P(1+r/n)^t*n Where P=principle, r=rate as a decimal, n=number of interest periods per year & t=number of years.
10,000(1+.065/365)^9*365
10,000(1+.000178)^3285
10,000(1.000178)^3285
10,000*1.794413=17,944.13 ans.
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