Nick invested $6399 in an account at 7% compounded daily. Calculate the compound interest C after 6 years.
Nick invested $6399 in an account at 7% compounded daily. Calculate the compound interest C after 6 years.
FV = PV [ 1 + R]^N
FV =6,399[1 + 0.07/365]^(6*365)
FV =6,399[1 + 0.00019178]^2,190
FV =6,399 x 1.00019178^2,190
FV =6,399 x 1.52189753....
FV =$9,738.64 what Nick will have in his account after 6 years @ 7% comp. daily.
$9,738.64 - $6,399 =$3,339.64 total interest that Nick will have earned in 6 years @ 7% comp. daily.
