Question

a money market fund pays 14% annual interest compunded daily. What is the value of $10,000 invested in this fund after 15 yrs?

Answer 1

R=1+14% p.a.

=1+14%/365 per day
=1.000383562 per day.
Principal
= $10,000
Amount accumulated after 15 years
=$10,000*1.000383562^(15*365)
=$81628.83