Use 365 for the number of days in a year. Calculate the future value (in dollars) of $1,150 deposited into an account earning an annual interest rate of 5% compounded daily after 4 years. (See Example 1 in this section. Round your answer to the nearest cent.) A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 4.75% compounded daily. Find the value (in dollars) of the account after 2 years. (Assume all years have 365 days. Round your answer to the nearest cent.) ×
Use 365 for the number of days in a year. Calculate the future value (in dollars) of $1,150 deposited into an account earning an annual interest rate of 5% compounded daily after 4 years. (See Example 1 in this section. Round your answer to the nearest cent.) A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 4.75% compounded daily. Find the value (in dollars) of the account after 2 years. (Assume all years have 365 days. Round your answer to the nearest cent.) ×
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 23E
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Transcribed Image Text:Use 365 for the number of days in a year.
Calculate the future value (in dollars) of $1,150 deposited into an account earning an annual interest rate of 5%
compounded daily after 4 years. (See Example 1 in this section. Round your answer to the nearest cent.)

Transcribed Image Text:A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 4.75% compounded daily. Find the
value (in dollars) of the account after 2 years. (Assume all years have 365 days. Round your answer to the nearest cent.)
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