Question 1153422

Compound Interest Formula

{{{FV   =   PV (1  +  r / n)^(Yn)}}}

where 

{{{PV=5806.9 }}}is the present value
{{{r=0.0957}}} (is decimal value of the annual interest rate), 
{{{Y=8}}} is the number of years invested
{{{n =365}}} is the number of compounding periods per year. 
{{{FV}}}= is the future value, meaning the amount the principal grows to after {{{8}}} years 

{{{FV  =  PV(1 + r/n)^(Yn)}}}

{{{FV = 5806.9 (1 +0.0957 /365 )^(8*365)}}}

{{{FV = 5806.9 (1.000262192 )^(2920)}}}

{{{FV =  5806.9 (2.1500714)}}}

{{{FV = 12485.24961266}}} 

{{{FV = 12485.25}}} 

=> answer: b. ${{{12485.25}}}