Find the compound interest on a $3,500 investment at 0.5% compounded daily for 16 days. E Click the icon to view the table of compound interest of $100 compounded daily. The interest is S. (Round to the nearest cent as needed.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Find the compound interest on a $3,500 investment at 0.5% compounded daily for 16 days.
Click the icon to view the table of compound interest of $100 compounded daily.
The interest is S |- (Round to the nearest cent as needed.)
Transcribed Image Text:Find the compound interest on a $3,500 investment at 0.5% compounded daily for 16 days. Click the icon to view the table of compound interest of $100 compounded daily. The interest is S |- (Round to the nearest cent as needed.)
Compound Interest on $100, Compounded Daily (365 Days) (Exact Time, Exact Interest Basis)
Annual rate for selected rates
2.50%
0.006849
0.013699
0.020549
0.027400
0.034251
Days
0.50%
0.75%
1.00%
1.25%
1.50%
2.00%
1.75%
0.004795
0.009589
2.25%
0.001370 0.002055 0.002740 0.003425| 0.004110
0.002740
0.005479
0.006164
0.004110
0.005480
0.006849
0.010274| 0.012329
0.013699
0.017124
2
0.008219
0.010959
0.012329
0.006165 0.008219
0.005480 | 0.008219 0.010959
0.010274 | 0.013699
0.012329
3
0.004110
0.014384
0.016439
0.018494
0.016439
0.021920
0.023975 0.027400
0.032881
0.038362
0.043844
0.049326| 0.055493
0.054808
4
0.019179
0.024660
0.006850
0.008219
7
0.020550
0.030826
0.016439
0.014384 0.019180
0.010959 | 0.016440 0.021920
0.012329 0.018495 0.024660
0.013699 0.020550 | 0.027401 0.034252 | 0.041103
0.024660
0.028771
0.020550
0.028771
0.036992
0.041103
0.009589
0.023975
0.027401
0.030826 0.036992
0.043159 0.047955
0.054808
0.061661
0.033566
0.032881
0.038363
0.049326
0.043159
0.047956
9
10
0.061661
0.068514
Transcribed Image Text:Compound Interest on $100, Compounded Daily (365 Days) (Exact Time, Exact Interest Basis) Annual rate for selected rates 2.50% 0.006849 0.013699 0.020549 0.027400 0.034251 Days 0.50% 0.75% 1.00% 1.25% 1.50% 2.00% 1.75% 0.004795 0.009589 2.25% 0.001370 0.002055 0.002740 0.003425| 0.004110 0.002740 0.005479 0.006164 0.004110 0.005480 0.006849 0.010274| 0.012329 0.013699 0.017124 2 0.008219 0.010959 0.012329 0.006165 0.008219 0.005480 | 0.008219 0.010959 0.010274 | 0.013699 0.012329 3 0.004110 0.014384 0.016439 0.018494 0.016439 0.021920 0.023975 0.027400 0.032881 0.038362 0.043844 0.049326| 0.055493 0.054808 4 0.019179 0.024660 0.006850 0.008219 7 0.020550 0.030826 0.016439 0.014384 0.019180 0.010959 | 0.016440 0.021920 0.012329 0.018495 0.024660 0.013699 0.020550 | 0.027401 0.034252 | 0.041103 0.024660 0.028771 0.020550 0.028771 0.036992 0.041103 0.009589 0.023975 0.027401 0.030826 0.036992 0.043159 0.047955 0.054808 0.061661 0.033566 0.032881 0.038363 0.049326 0.043159 0.047956 9 10 0.061661 0.068514
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Compound Interest(CI) is method to provide interest where Interest is added to Principal for computing interest for subsequent period.

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