MINOTAP Q Search this cou 05 HW ack to Assigment No Harm1 35. Problem $.33 (utur

Question

MINOTAP Q Search this cou 05 HW ack to Assigment No Harm1 35. Problem $.33 (uture Value for Verloes Compeunding Perlods nnd the amount to which 8300 w grow under each of these endeer. 3% compounded senamity for 7 years. Do not round intermedatablem Round your neel quarterly for 7 years. Do not round intermedate calculations. Round the nearest cent e. % compounded daily for 7 years Assume 365-days a year Do not neund intemedate eatulations Round your anuwer to Why does the observed patterm of Pys 0our? os lock

Explanation / Answer

Effective rate is calculates as ((1+(0.13/n))^n)-1 where n is the compounding frequency

7 years is calculated as (1+effective rate)^7

For f, kindly provide options and I would be happy to help

Amount 300 rate Frequency Effective rate For 7 years Amount a 0.13 1 0.13 2.352605 $ 705.78 b 0.13 2 0.134225 2.414874 $ 724.46 c 0.13 4 0.136476 2.448622 $ 734.59 d 0.13 12 0.138032 2.472194 $ 741.66 e 0.13 365 0.138802 2.48392 $ 745.18

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