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24 June, 07:19

Calculate the future value of 76,010.00, earning interest at a rate of 21/5% that is compounded daily for 2 years

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  1. 24 June, 09:02
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    FV = $82,670

    Step-by-step explanation:

    FV = PV [1 + (r / b) ]ⁿᵇ

    Where,

    PV = $76,010

    r = 21/5 % = 4.2% = 0.042

    b = 360 days in a year

    n = 2 years

    FV = $76,010 [1 + (0.042 / 360) ]² ˣ ³⁶⁰

    FV = $76,010 [1 + 0.00012]⁷²⁰

    FV = $76,010 [1.00012]⁷²⁰

    FV = $76,010 [1.087624]

    FV = $82,670
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