Lance Jackson deposited $5,000 at Basil Bank at 9% interest compounded daily. What is Lance's investment at the end of 4 years?

Steve bought 300 shares stock for x dollars per share in 2008. This year he sold the stock for y dollars per share where y<x.He lost on the transaction. is wife Lisa used the formula (y-x)/x to compare the percent of loss. Steve said Lisa was incorrect because she didn't take into acount that he bought 300 shares. Lisa said that both formulas were correct. So who is correct, steve or lisa? explain.

To calculate Lance's investment at the end of 4 years with daily compounding interest of 9%, we can use the formula for compound interest:

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

Where:
A = the final amount
P = the principal amount (initial deposit)
r = annual interest rate (9% or 0.09 as a decimal)
n = number of times interest is compounded per year (365 for daily compounding)
t = time in years (4 years)

Let's plug in the values and calculate:

P = $5,000
r = 0.09
n = 365
t = 4

A = 5000(1 + 0.09/365)^(365*4)

Now we can solve the equation step by step:

Step 1: Calculate the inside of the brackets:
(1 + 0.09/365) = 1.00024657534

Step 2: Calculate the exponent:
365 * 4 = 1460

Step 3: Raise the value from step 1 to the power of the value from step 2:
1.00024657534^1460 = 1.42725157317

Step 4: Multiply the principal amount by the result from step 3:
5000 * 1.42725157317 = $7,136.26

Therefore, Lance's investment at the end of 4 years with daily compounding interest of 9% would be approximately $7,136.26.

Pt = Po(1+r)^n,

r = (9% / 365) / 100% = 0.00024658 = Daily % rate exprssed as a decimal.

n = 365comp./yr * 4yrs = 1460 Compound-
ing periods.

Pt = $5000(1.00024658)^1460, = $7166.33