Find the value of $10,000 at the end of one year if it is invested in an account

Question

Find the value of $10,000 at the end of one year if it is invested in an account that has an interest rate of 5.85% and is compounded in accordance with the rules below. compounded monthly compounded daily (assuming a 365-day year) compounded quarterly What is the value if the money is compounded monthly? $? (Do not round until the final answer. Then round to the nearest cent as needed.) What is the value if the money is compounded daily? $? (Do not round until the final answer. Then round to the nearest cent as needed.) What is the value if the money is compounded quarterly? $? (Do not round until the final answer. Then round to the nearest cent as needed.)

Explanation / Answer

a)

A=10000(1+ 0.0585/12)^(1*12)

A = $ 10,600.94

b)

A=10000(1+ 0.0585/35)^(1*365)

A = $ 10,602.40

c)

A=10000(1+ 0.0585/4)^(1*4)

A = $ 10,597.96

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