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OpenStudy (anonymous):
$6,000 for 6 years at 8½% compounded daily will grow to
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OpenStudy (anonymous):
A = P(1 + r/365)^[(6)(365)] Substitute 0.085 for rate and 6000 for P
OpenStudy (anonymous):
Rates are given as yearly, so that's why you have to divide 0.085 by 365. And you will have (6)(365) compounding periods.
OpenStudy (anonymous):
All good now?
OpenStudy (anonymous):
No not really.
OpenStudy (anonymous):
Where are you stuck?
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OpenStudy (anonymous):
@kendraf ?
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