Find the future value of $20000 CD for 1000 days at a 6.25% effective rate. Answer...

Find the future value of $20000 CD for 1000 days at a 6.25% effective rate. Answer is $23613.70 but I don’t know how to get there. Effective rate=(1- r/c)^c -1

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Expert Solution


Principal	20,000.00
Interest	6.25%
Time in days	1,000.00

Amount=	Principal * (1+Interst rate)^time
Amount=	20000*(1+6.25%)^(1000/365)
Amount=	23,613.70

ekkarill92 answered 1 year ago

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