Question
A question I need help with: You deposit $5,000 in a one year CD that offers a 9.0% rate of return compounded daily. What will
A question I need help with:
You deposit $5,000 in a one year CD that offers a 9.0% rate of return compounded daily. What will the CD be worth at maturity?
The following is the answer provided in the class, but I cannot get it to work for me in excel. I got $5,001.23.
On a financial calculator with 1 as the n, $5,000 as the PV, and 9.0% as the r, FV is $5,470.81
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Investments
Authors: Zvi Bodie, Alex Kane, Alan Marcus, Stylianos Perrakis, Peter
8th Canadian Edition
007133887X, 978-0071338875
