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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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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

User Milad Yarmohammadi
by
4.8k points

1 Answer

2 votes

Answer:

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

Explanation:

Anthony deposited $14,000 with a bank in a 5-year certificate of deposit yielding-example-1
User Iabdalkader
by
4.6k points
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