Answer:
$15,035.086
Explanation:
Data provided in the question:
Duration of the deposit = 3 years
Interest rate paid = 6% per year
Daily interest rate = [tex]\frac{6\%}{365}[/tex]
Future value of the Amount Deposited = $18,000
now,
Present value i.e the value 3 years ago = [tex]\frac{\textup{Future value}}{\textup{(1+r)}^{n}}[/tex]
here,
n is duration in days i.e 3 × 365 = 1095 days
Thus,
= [tex]\frac{\textup{18,000}}{(1+\frac{0.06}{365})^{1095}}}[/tex]
or
= $15,035.086
