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2 years ago

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suppose you could make a single "lump sum" deposit of $3679, in an investment that provides an annual percentage rate(apr) of 4%

compounded daily. determine the future value(fv) of the investment after 11 years.

1 answer:

yaroslaw [1]2 years ago

3 0

Answer:

$\$5,698.30$

Step-by-step explanation:

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value (future value)

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=11\ years\\ P=\$3,679\\ r=4\%=4/100=0.04\\n=365$

substitute in the formula above

$A=3,670(1+\frac{0.04}{365})^{365*11}$

$A=\$5,698.30$

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<em>Second case</em>

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see the attached figure to better understand the problem

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