RWJ 7th Edition Solutions - Colby
To account for this, we will divide the interest rate by 365 (the number of days in a year, ignoring leap year), and multiply the number of periods by 365. Doing so, we get: FV in 5 years = $6,000[1 + (.071/365)]5(365) = $8,556.79. FV in 10 years = $6,000[1 + (.071/365)]10(365) = $12,203.10. FV in 20 years = $6,000[1 + (.071/365)]20(365 ... ................
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