If $1500 is invested at an interest rate of 2.5% per year, compounded daily, find the value of the investment after the given number of years. (Round your answers to the nearest cent.)
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Daily Compound Interest = Principal(1+Rate/365)^(365∗Time) - Principal
a) I =1500(1+2.5/365)^(365*2) - 1500 = 217357.2324$
Value of investment = principal+interest = 218857 $
b) similarly time=3 years
I =1500(1+2.5/365)^(365*3) -1500 = 2642099.89$
Value of investment =principal+interest= 2643600$
c) t= 6years
I =1500(1+2.5/365)^(365*6) -1500 = 4659078751$
Value of investment =principal+interest= 4659080251 $
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