Find the amount of money (Future Value) in an account where $5,300 is deposited (Present Value)...
Find the amount of money (Future Value) in an account where $5,300 is deposited (Present Value) at an interest rate of 6% per year compounded daily (365 times per year) and the money is left in the account for 6 years.
The final amount is $ ?
Round your answer to 2 decimal places
Homework Answers
| EAR = [(1 +stated rate/no. of compounding periods) ^no. of compounding periods - 1]* 100 |
| Effective Annual Rate = ((1+6/365*100)^365-1)*100 |
| Effective Annual Rate% = 6.18 |
| Future value = present value*(1+ rate)^time |
| Future value = 5300*(1+0.061831310677867)^6 |
| Future value = 7596.42 |
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