Today is your 21^st birthday and your bank account balance is $25,000.Your account is earning 6.5% interest compounded daily.How much will be in the account on your 50^th birthday?

Question

Quizplus · Accepted Answer

The future value of the account can be calculated using the formula for compound interest: $ FV = P \times (1 + \frac{r}{n})^{nt} $, where $ P = 25,000 $, $ r = 0.065 $, $ n = 365 $, and $ t = 29 $ years. Plugging in these values gives approximately $164,631.

Today Is Your 21st Birthday and Your Bank Account Balance

Today Is Your 21^st Birthday and Your Bank Account Balance