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12 January, 06:29

Anthony deposited $14,000 with a bank in a 5-year certificate of deposit yielding 6% compounded daily. Find the compound amount

A) $18,897.56

B) $32,897.56

C) $17,976.05

D) $16,542.10

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Answers (1)
  1. 12 January, 09:18
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    Total = 14,000 * 1 + (.06 / 365) ^365*5

    Total = 14,000 * 1.0.000164383561643836^1,825

    Total = 14,000 * 1.3498255274

    Total = 18,897.56
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