Gold Door Credit Bank is offering 6.9 percent compounded daily on its savings ac

Question

Gold Door Credit Bank is offering 6.9 percent compounded daily on its savings accounts. You deposit $5,300 today.

How much will you have in the account in 4 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 12 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 19 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 6.9 percent compounded daily on its savings accounts. You deposit $5,300 today.

How much will you have in the account in 4 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

Future Value Rate Compounded Daily = 6.9%/365 0.019% Deposit = Present value PV $5,300.00 Nper = 4 years x 365 days Future Value= $5300 x (1+ 0.019%)^4 x 365 $6,984.41 b. Rate Compounded Daily = 6.9%/365 0.019% Deposit = Present value PV $5,300.00 Nper = 12 years x 365 days Future Value= $5300 x (1+ 0.019%)^12 x 365 $12,129.36 c. Rate Compounded Daily = 6.9%/365 0.019% Deposit = Present value PV $5,300.00 Nper = 19 years x 365 days Future Value= $5300 x (1+ 0.019%)^19 x 365 $19,659.94

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