Question

Use the compound interest formula to compute the Future value. $400 for 8 years at 6% compounded daily (use n=360).
Would my n be 360 or (360)(8)=2880?

Answer 1

compounded daily ?? :o

Answer 2

Yes

Answer 3

that means 1/365 year

Answer 4

and for 8 year 8/365

Answer 5

sorry that will be 360

Answer 6

Uhh she told us to use 360 whenever we saw daily. But wouldn't you multiply 8 by it?

Answer 7

that means it is componded 360 times in a year

Answer 8

so rate =6/360
and time=360*8