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

Question

Miah Hurley

12 January, 06:29

+1

Answers (1)

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Moriah Espinoza · Answer 1

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

Anthony deposited $14,000 with a bank in a 5-year certificate of deposit yielding 6% compounded daily. Find the compound amountA) $18,897.56B) $32,897.56C) $17,976.05D) $16,542.10