Use the compound interest formula to compute the future value of the investment.
-$3250 at 5.5% compounded daily for 15 years (assume 360 days per year)

Name: Use the compound interest formula to compute the future value of the investment. -$3250 at 5.5% compounded daily for 15 years (assume 360 days per year)
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Question

Quizplus · Accepted Answer

The compound interest formula is A = P(1 + r/n)^(nt). Here, P = $3250, r = 0.055, n = 360, t = 15. Plugging these values into the formula gives the future value as approximately $7415.65.

Use the Compound Interest Formula to Compute the Future Value