6000 for 6 years at 81/2 % compounded daily will grow to a) $9.990.02 b)9.060.00 c) 9788.81 d)9991.15

d)9991.15

Step-by-step explanation:

We have a sum of money ($6000) compounded daily at an annual interest rate of 8.5% for 6 years.

If the interest is compound daily, and we take a m=365 days a year (or 365 subperiods m), the daily nominal interest rate is:

Then, we can express the final valueo of $6000 compounded daily at an annual interest rate of 8.5% for 6 years as: