Some financial institutions pay daily interest, compounded by the 360/365 method, using the following formula. r 365t
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- Some financial institutions pay daily interest, compounded by the 360/365 method, using the following formula. r 365t A = A₂ (1 1 + 360 (t is in years) Using this method, what will an initial investment of $1,000 be worth in 8 years, assuming a 7% annual interest rate? (Round your answer to the nearest cent.) $
Related Book For
Applied Regression Analysis and Other Multivariable Methods
ISBN: 978-1285051086
5th edition
Authors: David G. Kleinbaum, Lawrence L. Kupper, Azhar Nizam, Eli S. Rosenberg
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