Help in business and finance


label Business
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

$1,000 at an 18% interest rate compounded weekly, then daily for a period of 18 years

Nov 3rd, 2015

Thank you for the opportunity to help you with your question!

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

compounded weekly,

1000[1+0.18/52]^52*18 = 25391.26 $

compounded daily,

1000[1+0.18/364]^364*18 = 25513.28 $ 

Please let me know if you need any clarification. I'm always happy to answer your questions.
Nov 3rd, 2015

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