Suppose you deposited $41,000 in a bank account that pays 5.75% with daily compounding based on a 360-day year. How much would be in the account after 8 months, assuming each month has 30 days? a. $42,598.28 b. $42,571.67 c. $43,426.30 d. $42,793.66 e. $42,602.05

Suppose you deposited $41,000 in a bank account that pays 5.75% with daily compounding based on a 360-day year. How much would be in the account after 8 months, assuming each month has 30 days? a. $42,598.28 b. $42,571.67 c. $43,426.30 d. $42,793.66 e. $42,602.05

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

Suppose you deposited $41,000 in a bank account that pays 5.75% with daily compounding based on a 360-day year. How much would be in the account after 8 months, assuming each month has 30 days?

a. $42,598.28

b. $42,571.67

c. $43,426.30

d. $42,793.66

e. $42,602.05

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