Find the balance on 22,000 invested at and annual interest rate of 2.75% for 5 years , Find a) compounded monthly. B) compounded daily

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09-07-2017
Mathematics

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Find the balance on 22,000 invested at and annual interest rate of 2.75% for 5 years , Find a) compounded monthly. B) compounded daily

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jimthompson5910 jimthompson5910 · Answer 1 · 2017-07-09T17:12:37+02:00

Answer for part A: 25238.87
Answer for part B: 25242.71

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Work Shown for part A
FV = PV(1+r/n)^(n*t)
FV = 22000(1+0.0275/12)^(12*5)
FV = 22000(1+0.00229166666666667)^(12*5)
FV = 22000(1.00229166666667)^(12*5)
FV = 22000(1.00229166666667)^(60)
FV = 22000(1.14722122035051)
FV = 25238.8668477113
FV = 25238.87

Work Shown for part B
FV = PV(1+r/n)^(n*t)
FV = 22000(1+0.0275/365)^(365*5)
FV = 22000(1+0.00007534246575)^(365*5)
FV = 22000(1.00007534246575)^(365*5)
FV = 22000(1.00007534246575)^(1825)
FV = 22000(1.14739576298076)
FV = 25242.7067855767
FV = 25242.71