Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 16 0 out of 1 poin Crista Northam is saving for their grandchild's trust fund in 3 years and currently has an amount of

image text in transcribed
Question 16 0 out of 1 poin Crista Northam is saving for their grandchild's trust fund in 3 years and currently has an amount of $207,580.00. Given an interest rate of 2.00% x compounded daily, how much will they have in 3 years? Selected Answer c$220,285 56 Answers a $285.922.413.25 b. $207,580.09 c. $220,285,56 d. $220,415.67 Response Feedback FV- PV- FV=207,580 times(1+\frac{0.02{365}}{{3X365)3=220,415.67 ? 207,580 RATE- \frac{2}365) - 0.01 NPER- 3 times365 - 1,095 PMT- NIA Note: in the calculator Rates are entered as a full value with out the percent and not converted to a decimal The solution may show rounding for clarity, do not round your intermediate calculations. Question is not an annuity, make sure your Function is set to END (not BEGIN) 1. $285,922,413.25 False 2. $207,580.09 False 3. $220.285.56 False 4. $220.415.67 True

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sales Management Demystified A Self Teaching Guide

Authors: Robert Calvin

1st Edition

0071486542, 9780071486545

More Books

Students also viewed these Finance questions