=+P541 Compounding frequency and time value Franois plans to invest $4,000 in an individual savings account (ISA)

=+P5–41 Compounding frequency and time value François plans to invest $4,000 in an individual savings account (ISA) at a nominal interest rate of 6%.

a. How much will François have in the account after 10 years if interest is compounded (1) annually, (2) semiannually, and (3) daily (assuming 365-day year).