Mario neglected to pay a credit card bill of $1550 at 17%/a, compounded daily, for 2 weeks after it was due. What is the amount he must pay to settle the bill at the end of 2 weeks?
First when you see that 17% compounded daily rate, we must convert it to a rate more usable:
(1+(.17/365))^14 is the interest factor that we can use.
so to piece it all together:
1550*(1+(.17/365))^14=FV [of cc debt it 2 weeks (14 days)]