Bucher Credit Bank is offering 7.1 percent compounded daily on its savings accou

Question

Bucher Credit Bank is offering 7.1 percent compounded daily on its savings accounts. Assume that you deposit $6,800 today.

How much will you have in the account in 4 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places (e.g., 32.16).)

How much will you have in the account in 8 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places (e.g., 32.16).)

How much will you have in the account in 16 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places (e.g., 32.16).)

How much will you have in the account in 4 years? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Use 365 days in a year. Round your answer to 2 decimal places (e.g., 32.16).)

Explanation / Answer

A = P [1 + r/n ] ^nT
1) 9033.09
2)11999.52
3)21174.80

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