If 47400 dollars is invested at an interest rate of 7 percent per year, find the value of the investment at the end of 5 years for the following compounding methods, to the nearest cent.
(a) annual: $
(b) semiannual: $
(c) monthly: $
(d) daily: $

Part A) Annual  

Part B) Semiannual  

Part C) Monthly  

Part D) Daily  

Step-by-step explanation:

we know that

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

so

Part A) Annual

in this problem we have  

substitute in the formula above  

Part B) Semiannual

in this problem we have  

substitute in the formula above  

Part C) Monthly

in this problem we have  

substitute in the formula above  

Part D) Daily

in this problem we have  

substitute in the formula above  

1.5%

step-by-step explanation:

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step-by-step explanation:

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