I need help with a business and finance question

Business & Finance
Tutor: None Selected Time limit: 1 Day

$1000 compounded semi-monthly, monthly, weekly, and daily for a period of 18 years, at a 18% interest rate.

Nov 4th, 2015

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

A = P(1 + r/n)nt

Where:

  • A = Accrued Amount (principal + interest)
  • P = Principal Amount
  • I = Interest Amount
  • R = Annual Nominal Interest Rate in percent
  • r = Annual Nominal Interest Rate as a decimal
  • r = R/100
  • t = Time Involved in years, 0.5 years is calculated as 6 months, etc.
  • n = number of compounding periods per unit t; at the END of each period



For semi-monthly n= 24/18 and  A = $ 25,226.89
For Monthly n=12/18 A = $ 24,926.72
For Weekly n= 52/18 and A = $ 25,391.26
For Daily  n= 360/18 and A = $ 25,513.05

Let me know incase you need any further help ! Thanks :)
Nov 4th, 2015

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