Answered

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17. Calculating Future Values Streamsong Credit Bank is offering 4.7 percent compounded daily on its savings accounts. If you deposit $4,750 today, how much will you have in the account in 5 years

Sagot :

Answer:

Future value = $5912.87

Explanation:

Below is the calculation:

Interest rate = 4.7%

Present value of deposit = $4750

Time period, n = 5 years

Future value = Present value ( 1 + interest rate)^n

Future value = 4750 ( 1 + (4.7%/365)^5*365

Future value = 4750 (1 + 0.00012)^1825

Future value = $5912.87

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