document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=223534>Question 223534</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If a bank pays 4% annual interest, compounded daily, what is the value of $750 deposited after 1 year.  Please show steps so I can understand<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #167731 by </B><A HREF=/tutors/aboutme.mpl?userid=Alan3354><B>Alan3354(69443)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Alan3354><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Alan3354><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=167731\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If a bank pays 4% annual interest, compounded daily, what is the value of $750 deposited after 1 year. Please show steps so I can understand<BR>\n" );
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document.write( "The number of periods, p, is 365, one per day.<BR>\n" );
document.write( "Interest rate, r, per period = 0.04/365<BR>\n" );
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document.write( "FV = $750*(1 + r)^p<BR>\n" );
document.write( "FV = $750*(1 + 0.04/365)^365 = $750*1.040808...<BR>\n" );
document.write( "= $780.61 </SPAN>\n" );
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