Question

If 49600 dollars is invested at an interest rate of 8 percent per year, find the value of the investment at the end of 5 years for the following compounding methods.

Monthly:

Daily:

Answer 1

Monthly = 31000 Daily = 10950000

Explanation:

49,600/6=31000

1825 days in 5 years

1825 x 6000

Hope that helps :)