1. Questions

math

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

  1. 👍
  2. 👎
  3. 👁
yenny

  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

    1. 👍
    2. 👎
    MathMate

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    You deposit $2200 in an account that pays 3% annual interest. After 15 years, you withdraw the money, what is the balance if the interest is compounded quarterly? so I figure you would get 2650.00 help please

  2. business math

    Asia Desai deposited $6,000 in a savings account that pays 5.5 percent interest compounded daily. How much interest did she earn in 21 day

  3. algebra

    Solve the problem. Helen Weller invested $15,000 in an account that pays 12% simple interest. How much additional money must be invested in an account that pays 15% simple interest so that the total interest is equal to the

  4. pre-algebra

    You split $1500 between two savings accounts. Account A pays annual 5% interest and Account B pays 4% annual interest. After one year,you have earned a total of $69.50 in interest. How much money did you invest in each account?

  1. Math

    . Vern sold his 1964 Ford Mustang for $55,000 and wants to invest the money to earn him 5.8% interest per year. He will put some of the money into Fund A that earns 3% per year and the rest in Fund B that earns 10% per year. How

  2. Algebra

    A mother wants to invest 8,000 dollars into her child's college fund. She invests a portion of the money into a CD account which earns 4% interest, and the remainder into a savings bond which earns 7% interest. If the total

  3. math

    Diego contributes to a money market account that earns 4.8​% annual interest. What should his monthly payment be if he wants to accumulate ​$210,000 in 30 ​years? Thank you so much!!

  4. algebra

    sam saved his money until he had $10000 to invest.he invested x dollars into certificate of deposit (cd) with an annual interest rate of 2% and the remaining y dollars into a mutual fund with annual interest of 1.5% total interest

  1. math

    Mr. Wilson invested money in two accounts. His total investment was $40,000. If one account pays 4% in interest and the other pays 8% in interest, how much does he have in each account if he earned a total of $2,720 in interest in

  2. math

    you deposit $2200 in an account that pays 3% annual interest. after 15 years, you withdraw the money. what is the balance if the interest is compounded continuously?

  3. Algebra

    Jon invested a total of $40,000 in 3 different bank accounts. One pays an annual interest rate of 3%, the second account pays 5% annual interest and the third account pays 6% annual interest. In one year, Jon earned a total of

  4. College Algebra

    You plan to invest $12,000 in two funds paying 41/2% and 5% simple interest. (There is more risk in the 5% fund.) Your goal is to obtain a total annual interest income of $580 from the investment. What is the smallest amount you

You can view more similar questions or ask a new question.