A community for students.
Here's the question you clicked on:
 0 viewing
KJ4UTS
 one year ago
What is the value of an investment of $6,835.69 at 3.88% interest compounded daily for 6 years?
KJ4UTS
 one year ago
What is the value of an investment of $6,835.69 at 3.88% interest compounded daily for 6 years?

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0\[p _{kt} = p _{0}(1+\frac{ r }{ k })^{kt}\] we can re write it as \[\frac{ p_{kt} }{ (1+\frac{ r }{ k })^{kt} } = p _{0}\]

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so \[6835.69/(1+\frac{ 0.0388 }{ 365 })^{365*6}\] = 5416.07

KJ4UTS
 one year ago
Best ResponseYou've already chosen the best response.0@Lily2913 how could it be less than the original starting amount?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0sorry miss read.. I thought you wanted the initial value with the total being 6835.69

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0in that case it would be \[P _{kt} = 6835.69(1+\frac{ 0.0388 }{ 365 })^{365*6}\]

KJ4UTS
 one year ago
Best ResponseYou've already chosen the best response.0oh ok that's what I got too thanks for your help :)

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0np. sorry about the mix up.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.