Question 1137331
{{{Total = P(1 + r/n)^nt}}}
<pr>
<b>(a) Annual: $</b>
{{{Total = 46800(1 + 0.06/1)^(1*5)}}} = $62,628.96
<b>(b) Semiannual: $</b>
{{{Total = 46800(1 + 0.06/2)^(2*5)}}} = $62,895.29
<b>(c) Monthly: $</b>
{{{Total = 46800(1 + 0.06/12)^(12*5)}}} = $63,126.19
<b>(d) Daily: $</b>
{{{Total = 46800(1 + 0.06/365)^(365*5)}}} = $63,171.83
<pr>
There is also a constant interest formula:
{{{Total = P(e^rt)}}} = {{{Total = 46800(e^(0.06*5))}}} = $63,171.43