brien301
29.01.2020 •
Mathematics
Wendy williams can invest $10,000 in a 1-year cd at 4.5% compounded quarterly or a 1-year cd compounded daily. determine the amount at maturity of each investment. what is the difference in the amounts?
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Ответ:
For compounded quarterly, the solution is shown below:
V = $10,000 (1 + 4.5%/4) ^(4*1)
V = 10,000 (1.01125)^4
V = $10,457.65
For compounded daily, we have:
V = 10,000 (1.056025)
V = $10,560.25
The difference can be computed same below:
Difference = $10,560.25 - $10,457.65
Difference = $102.6
Ответ: