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25 February, 02:19

Suppose you deposited $27,000 in a bank account that pays 5.25% with daily compounding based on a 360-day year. How much would be in the account after 8 months, assuming each month has 30 days

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  1. 25 February, 05:16
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    FV = $27,962.78

    Explanation:

    Giving the following information:

    Suppose you deposited $27,000 in a bank account that pays 5.25% with daily compounding based on a 360-day year.

    First, we need to calculate the daily interest:

    Interest rate = 0.0525/360 = 0.000146

    Now, using the following formula, we can determine the final value:

    FV = PV * (1+i) ^n

    FV = 27,000 * (1.000146^240)

    FV = $27,962.78
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