Give the future value of compound interest formula where FV is the future value (in dollars), PV is the present value (in dollars), r is the annual interest rate as a decimal, n is the number of compounding periods per year, and t is the number of years. FV = A deposit of $40,000 is placed in a scholarship fund that earns an annual interest rate of 2.75% compounded daily. The account earns interest for 2 years. Determine the following values. (Assume all years have 365 days.) PV = $ 40,000 r = n = t = 0.0275 365 2 Fantastic! Fantastic work! Excellent job! years Find the value (in dollars) of the account after 2 years. (Round your answer to the nearest cent.) $ 42,237.76 × Suggested tutorial: Learn It: Calculate a Future Value Using the Compound Interest Formula.
Give the future value of compound interest formula where FV is the future value (in dollars), PV is the present value (in dollars), r is the annual interest rate as a decimal, n is the number of compounding periods per year, and t is the number of years. FV = A deposit of $40,000 is placed in a scholarship fund that earns an annual interest rate of 2.75% compounded daily. The account earns interest for 2 years. Determine the following values. (Assume all years have 365 days.) PV = $ 40,000 r = n = t = 0.0275 365 2 Fantastic! Fantastic work! Excellent job! years Find the value (in dollars) of the account after 2 years. (Round your answer to the nearest cent.) $ 42,237.76 × Suggested tutorial: Learn It: Calculate a Future Value Using the Compound Interest Formula.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Give the future value of compound interest formula where FV is the future value (in dollars), PV is the present value (in dollars), r is the annual interest rate as a decimal, n is the number of compounding periods
per year, and t is the number of years.
FV =
A deposit of $40,000 is placed in a scholarship fund that earns an annual interest rate of 2.75% compounded daily. The account earns interest for 2 years. Determine the following values. (Assume all years have
365 days.)
PV = $ 40,000
r =
n =
t =
0.0275
365
2
Fantastic!
Fantastic work!
Excellent job!
years
Find the value (in dollars) of the account after 2 years. (Round your answer to the nearest cent.)
$ 42,237.76
×
Suggested tutorial: Learn It: Calculate a Future Value Using the Compound Interest Formula.
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