SOLUTION: My investment of $12,500 was deposited in a local bank. The bank offered 5 3/4% compounded daily. The investment will remain at the bank for 11 years. What is the maturity value of
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Question 312480: My investment of $12,500 was deposited in a local bank. The bank offered 5 3/4% compounded daily. The investment will remain at the bank for 11 years. What is the maturity value of the investment?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Exact answer depends on whether the bank uses 360 times per year as daily compounding or 365 times per year. I'll show 360 and you can make the apropriate adjustment if necessary:
^{nt})
^{360\,\cdot\,11})
You can do your own calculator work.
John
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