Elyssa wants to find the future value of an investment of $18,000 that earns 6.07% compounded daily for 9 yeàrs

To calculate compound interest, we use a special formula. We plug values into A = P (1 + r/n) ^{nt} to get our compound interest.

In the formula, A is the amount of money at the end. P is our principal amount, or starting value. In this case, it would be $18,000. r is the rate of interest, 6.07% (aka 0.0607) in this case. n is the number of times to compound the interest. In this situation, daily, that would be 365. Finally, t is the amount of time, which is 9 years.

Let's plug it all in:

A = $18,000 (1 + 0.0607/365) ^{365*9}

A = $18,000 (1.00016630137) ^{3,285}

A = $ 31,081.92

After 9 years of compounded daily interest at a rate of 6.07%, we have $ 31,081.92.