Question

How much will you have in 10 years, with daily compounding of $15,000 invested today at 12%? SU O 67,214 30.225 62.253 69,330 49.792

Answer 1

Explanation:

Use compounding formula

FV = PV ( 1 + i)^n FV = future value

PV = present value =$15 000

i = decimal interest per period = .12/365

n = periods = 10 yrs * 365 d/yr = 3650

FV = $ 15 000 ( 1 + .12/365)^3650 = ~ $ 49,792