In 1998, Patty Hamburger invested $2,500 into a mutual fund. The investment grows at an annual rate of 1.5% What will the value

Question

In 1998, Patty Hamburger invested $2,500 into a mutual fund. The investment grows at an annual
rate of 1.5%
What will the value be in 2015 if the initial investment is compounded daily?
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Farah 2 weeks 2021-08-29T19:36:46+00:00 1 Answers 0 views 0

Answers ( )

    0
    2021-08-29T19:37:53+00:00

    Answer: $3,178.11

    Step-by-step explanation:

    A= P (1+r/n)^nt

    A= 2500 (1+ 0.015/365)^16X365

    A=2500(1.27)^5840

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