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Your banker mentions to you that they have a promotion going on where if you deposit $2500 into your savings, you'll receive an interest rate of 4.8% that will be compounded daily. How much money will you have in your savings account in 5 years? 

 

Formula to solve is y=p(1-r/n)^n*t  

 May 15, 2019
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Your formula is not accurate.

FV=0;N=5*365; R=0.048/365;PV=2500; FV=PV*(1 + R)^N

FV =$ 3,178.07 - The balance in the acct. after 5 years.

 May 15, 2019

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