Question

compass Bank is offering an APR of 0.8 %compounded daily on its savings accounts. if you deposit $2,500 today, how much will you have in the account 15 years​

Answer 1

Answer:

Explanatio$312,752

Explanation:

Weekly interest rate = [(0.06/365 + 1)^7] -1 * 100

Weekly interest rate = 1.0011525255 - 1 * 100

Weekly interest rate = 0.0011525255 * 100

Weekly interest rate = 0.1152%

No. of periods =52 weeks * 25 years = 1300

N = 1300; I/Y = 0.1152; PV = -2500; PMT = -100

Amount accumulated at the end = FV(1300, 0.1152, -2500, -100)

Amount accumulated at the end =  $312,752 approximately

n: