In: Finance
Here we will use the following formula:
FV = PV * (1 + r%)n
where, FV = Future value, PV = Present value = $10000, r = rate of interest = 6% compounded daily, so daily rate = 0.01643835616 %, n= time period = 9 * 365= 3285 days
now, putting theses values in the above equation, we get,
FV = $10000 * (1 + 0.01643835616%)3285
FV = $10000 * (1.01643835616)3285
FV = $10000 * (1.01643835616)3285
FV = $10000 * 1.715931
FV = $17159.31
So, future value is $17159.31