Bucher Credit Bank is offering 5.7 percent compounded daily on its savings accou

Question

Bucher Credit Bank is offering 5.7 percent compounded daily on its savings accounts. Assume that you deposit $5,400 today. Requirement 1: How much will you have in the account in 5 years? Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places. Future value $??? Requirement 2: How much will you have in the account in 10 years? Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places. Future value $??? Requirement 3: How much will you have in the account in 20 years? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places. Future value $???

Explanation / Answer

Requirement 1: 5400x1.000156^1825= $7180.555 Requirement 2: 5400x1.000156^3650=$9548.217 Requirement 3: 5400x1.000156^7300=$16883.046

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