Gold Door Credit Bank is offering 6.8 percent compounded daily on its savings ac
ID: 2652391 • Letter: G
Question
Gold Door Credit Bank is offering 6.8 percent compounded daily on its savings accounts. You deposit $5,200 today.
How much will you have in the account in 6 years? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
How much will you have in the account in 11 years? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
How much will you have in the account in 18 years? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Gold Door Credit Bank is offering 6.8 percent compounded daily on its savings accounts. You deposit $5,200 today.
How much will you have in the account in 6 years? (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Explanation / Answer
FV= PV(1+r)n
Fv= 5200(1+.068/365)6*365
FV = 7819.50
2. FV= 5200(1+.068/365)*11*365
=52000(1.000186)4015
= $ 10985.64
3. FV= 5200(1+.068/365)18*365
= 5200(1.000186)6570
= $ 17681.95
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