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In 1998, Patty Hamburger invested $2,500 into a mutual fund. The investment grows at an annual rate of 1.5% What will the value be in 2015 if the initial investment is compounded daily? USING LOGS HELP
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In 1998, Patty Hamburger invested $2,500 into a mutual fund. The investment grows at an annual

rate of 1.5%
What will the value be in 2015 if the initial investment is compounded daily?
USING LOGS
HELP ASAP

User Ben English
by
7.6k points

1 Answer

2 votes

Answer: $3,178.11

Explanation:

A= P (1+r/n)^nt

A= 2500 (1+ 0.015/365)^16X365

A=2500(1.27)^5840

User Kahlil
by
7.1k points
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