Suppose you deposited $27,000 in a bank account that pays 5.25% with daily compounding based on...
Suppose you deposited $27,000 in a bank account that pays 5.25% with daily compounding based on a 360-day year. How much would be in the account after 8 months, assuming each month has 30 days?
Homework Answers
Amount Deposited = $27,000
Interest Rate = 5.25% compounded daily
Future Value = 27,000(1 + 0.0525/360)8*30
Future Value = $27,961.66
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