Question

My question is :Determine the account balance at 4 years if 20,000 was invested in an account that compounds daily at 4.5% per year.

Answer 1

`\begin{gathered} FV=PV\cdot e^(rt) \\ \text{Where:} \\ PV=\text{Present value=20000} \\ t=\text{time}=4 \\ r=\text{interest rate=0.045} \\ FV=20000\cdot e^(0.045\cdot4) \\ FV=23944.34726 \end{gathered}`