Hindle McKingleberry is a young child and has $3 in his bank account on the first day of the
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Answer:
d)9991.15
Step-by-step explanation:
We have a sum of money ($6000) compounded daily at an annual interest rate of 8.5% for 6 years.
If the interest is compound daily, and we take a m=365 days a year (or 365 subperiods m), the daily nominal interest rate is:
Then, we can express the final valueo of $6000 compounded daily at an annual interest rate of 8.5% for 6 years as: