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Find the future value, using the future value formula and a calculator. (Round your answer to the nearest cent.)$39,500 at 6.3% compounded daily for 3 years

Respuesta :

To determine the future value of the computation below:

[tex]FV=PV(1+\frac{r}{n})^{nt}[/tex]

FV=future value

PV=present value = $39500

r=annual interest rate = 6.3% = 0.063%

n=number of periods interest held daily = 365

t = number of years = 3

[tex]\begin{gathered} FV=39500(1+\frac{0.063}{365})^{3\times365} \\ FV=39500(1.20802) \\ FV=\text{\$}47716.83936 \end{gathered}[/tex]

Hence the future value = $47,716.84 (nearest cent)

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