SOLUTION: Calculate the future value of Php7,500 earning 9% interest, compounded daily, for 3 years.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Calculate the future value of Php7,500 earning 9% interest, compounded daily, for 3 years.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1207568: Calculate the future value of Php7,500 earning 9% interest, compounded daily, for 3
years.
Answer by Theo(13342) About Me  (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.