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Chemistry Asked by a SnapAndSolve user · about 20 hours ago

Vincent deposited $1,650 in a savings account that earns 3.5% interest compounded daily for 90 days. Find...

2. Vincent deposited $1,650 in a savings account that earns 3.5% interest compounded daily for 90 days. Find the maturity value after the money has been in Vincent's account for 90 days. Use the table below.
Interest by Quarter for 3.5% Compounded Daily
Assuming 90-day Quarters
Number of Quarters | Value of (1+i)^n
1 | 1.00867067
2 | 1.017409251
3 | 1.026227205
4 | 1.035121585
$1,698.71
$1,664.30
$1,678.92
$1,632.46

Answer

To find the maturity value after 90 days, we use the value of (1+i)^n for 1 quarter, which is 1.00867067. Multiply this by the initial deposit:

  1. $1,650 * 1.00867067 = $1,664.30

The correct answer is $1,664.30.

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