Lance Jackson deposited $5,000 at Basil Bank at 9% interest compounded daily. What is Lance's investment at the end of 4 years?
2 answers
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compounded daily for 4 years = 365 x 4 = 1460 days.
[(0.09/365) + 1]^1460 x 5000 = ??
I get close to $7160 but that isn't exact. You need to go through the math.
[(0.09/365) + 1]^1460 x 5000 = ??
I get close to $7160 but that isn't exact. You need to go through the math.
1 answer