Question 1090432
Kelly invests $3000 in an account that earns 12% interest per year. Find the amount due at the end of 5 years if the sum is compounded daily
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I'll do monthly compounding.
5 years = 60 months
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12%/year = 1%/month
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FV = PV*(1 + 0.01)^60
FV = 3000*1.01^60
FV = 5450.09
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You do the daily compounding.