Streamsong Credit Bank is offering 6.4 percent compounded daily on its savings accounts. Assume that you deposit $6,100 today. Use 365 days in a year.
a. How much will you have in the account in 3 years?
b. How much will you have in the account in 6 years?
c. How much will you have in the account in 12 years?
We use the formula:
A=P(1+r/365)^365n
where
A=future value
P=present value
r=rate of interest
n=time period.
a.A=6100*(1+0.064/365)^(365*3)
=6100*1.21165012
=$7391.07(Approx).
b.A=6100*(1+0.064/365)^(365*6)
=6100*1.46809602
=$8955.39(Approx).
c.A=6100*(1+0.064/365)^(365*12)
=6100*2.15530593
=$13147.37(Approx).
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