Answer of Requirement 1:
Annual Interest Rate = 7.5% or 0.075
Daily Interest Rate = 0.075 / 365
Daily Interest Rate = 0.000205
N = 365 days * 12 years
N = 4380 days
Future Value = Present Value * (1 + rate)^n
Future Value = $10,000 * (1 + 0.000205)^4380
Future Value = $10,000 *2.4542
Future Value = $24,a542
Calculate, to the nearest cent, the future value FV of an investment of $10,000 at the...
Calculate, to the nearest cent, the future value FV of an investment of $10,000 at the stated interest rate after the stated amount of time. 7.5% per year, compounded daily (assume 365 days/year), after 12 years
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