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Sammy wants to know the future value of an investment of $5,000 that earns 2.5% compounded daily for 15 years. How much money should he expect to have in his account in 15 years?
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Sammy wants to know the future value of an investment of $5,000 that earns 2.5% compounded daily for 15 years. How much money should he expect to have in his account in 15 years?

User Akram Berkawy
by
7.7k points

1 Answer

5 votes

Answer:

1875

Explanation:

I=PRT/100

then

Rate=5000, Percentage =2.5%,

Time =15years

Interest =?

then

I= 2.5*5000*15/100=1875

User Dustin Woodard
by
7.9k points
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