Question

An international speculator invests 15,800 euros at 5%, compounded daily. How much will she have after 6 years? (Round your answer to the nearest hundredth of a euro.)”

Answer 1

Explanation:

Decimal interset per period (day) = .05/365

# periods = 365 *6 = 2190

FV = 15800 ( 1 + .05/365)^2190 = 21327.33 Euros