Question

You deposit $12,000 today into an account that pays you 12% annual interest, compounded daily. How much do you have in 40 years

Answer 1

$1,456,975.19

Step-by-step explanation:

FV = P (1 + r / m)^nm

FV = Future value

P = Present value

R = interest rate

N = number of years

M = number of compounding per year

$12,000 ( 1 + 0.12/365)^14600 = $1,456,975.19

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