the interest rate is 18.00%

Hint: Assume that there are 365 days in a year. When calculating the future value of $1,000, compounded daily for 7 years, you would enter a value of for I/Y. for N, a value of Using the keystrokes you just identified on your financial calculator, the future value of $1,000, compounded daily for 7 at the given nominal interest rate, yields a future value of Based on the results of your calculations, you can conclude that (all else equal) more frequent compounding leads to a higher This is due to a lower periodic interest for more frequent compounding. future value