If 6000 dollars is invested at 11 percent yearly interest..

Question

If 6000 dollars is invested at 11 percent yearly interest, find the value of the investment at the end of 9 years if the interest is compounded:

Annually:

Monthly:

Daily (assume each year has 365 days):

Continuously:

Answer 1

Here's the formula: fv=p(1+int/c)^(cn)

future value

principal 6000

int .11

compound 1

years 9

fv=6000(1.11)^9=$15,348.22