It would be 5300 when rounded
The answer is 8 2/4.
(ignore this part because i just need more words lol)
Here is the formula you'll need
Total = Principal * (1 + (rate/n))^n*years
I don't know how to solve that for "n" so we'll use trial and error.
If compounded annually, total =
<span>
<span>
<span>
10,841.24
</span>
</span>
</span>
If compounded quarterly, total =
<span>
<span>
<span>
10,955.64
</span>
</span></span><span>If compounded monthly, total =
</span>
<span>
<span>
<span>
10,981.82
</span>
</span>
</span>
If compounded daily, total =
<span>
<span>
<span>
10,994.58
</span>
</span>
</span>
Therefore the answer is "A", daily.
Source:
http://www.1728.org/compint3.htm
<span>
</span><span><span>
</span>
</span>
