document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1146252>Question 1146252</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Compute the amount earned on $75,000 invested at 3.26% APR in one year if compounding is taking place daily. (Round your answer to the nearest cent.) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #767531 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=767531\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> present value = 75,000.<BR>\n" );
document.write( "interest rate = 3.26% per year / 365 = .0089315068% per day / 100 = .0000893156068 per day.<BR>\n" );
document.write( "number of daily time periods = 1 year * 365 = 365.<BR>\n" );
document.write( "formula to use is f = p * (1+r)^n<BR>\n" );
document.write( "f is the future value<BR>\n" );
document.write( "p is the present value<BR>\n" );
document.write( "r is the interest rate per time period<BR>\n" );
document.write( "n is the number of time periods\r<BR>\n" );
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document.write( "formula becomes f = 75000 * 1.0000893156068 ^ 365<BR>\n" );
document.write( "solve for f to get:<BR>\n" );
document.write( "f = 77485.17733<BR>\n" );
document.write( "round to nearest cent to get f = 77485.18\r<BR>\n" );
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document.write( "the assumption is that there are 365 days in a year.<BR>\n" );
document.write( "change that assumption and the future value will change accordingly.<BR>\n" );
document.write( "the procedure is to get the interest rate per day by dividing the interest rate per year by the number of days in the year.<BR>\n" );
document.write( "you also need to multiply the number of years by the same number of days in the year.<BR>\n" );
document.write( "this formula uses the rate, not the percent.<BR>\n" );
document.write( "if you use an online calculator, then you enter the percent, as shown below.<BR>\n" );
document.write( "also, if you want the future value to be positive, you enter the present value as negative, and vice versa.<BR>\n" );
document.write( "positive means money coming in.<BR>\n" );
document.write( "negative means money going out.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2019/100301.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( " </SPAN>\n" );
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