##### 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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Nov 4th, 2015
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Nov 4th, 2015
May 23rd, 2017
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