Posted by Dave on Sunday, January 27, 2013 at 7:56pm.
constant compounding formula is:
A = P e^r t
here
r = .02
t = 3
A = 24,000 e^(.06)
= 24,000 * 1.06283
= $ 25,484.08
Compounding daily use 365 days
Are you using a business calculator?
If you are 2% goes into I
Your N is 3
24,000 is your Principal Value (PV)
0 PMT
P/Y = 1
C/Y = 365 * (I am not 100% on this)
Calculate FV
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