Given:
a.) Principal amount = $18,000
b.) Time of investment = 5 yrs.
c.) APR (Annual Percentage Rate) = 6%
d.) Compounded daily, n = 365
Let's determine the balance after the given amount of time, we will be using the following formula:
Let's plug in the given the data:
Therefore, the balance of the account will be $24,103.26 in 5 years.