Answer :
Answer:
d)9991.15
Step-by-step explanation:
We have a sum of money ($6000) compounded daily at an annual interest rate of 8.5% for 6 years.
If the interest is compound daily, and we take a m=365 days a year (or 365 subperiods m), the daily nominal interest rate is:
[tex]i_d=\dfrac{i}{m}=\dfrac{0.085}{365}=0.000232877[/tex]
Then, we can express the final valueo of $6000 compounded daily at an annual interest rate of 8.5% for 6 years as:
[tex]FV=IV\left(1+\dfrac{i}{m}\right)^{n\cdot m}\\\\\\FV=6000(1+0.000232877)^{6\cdot 365}\\\\FV=6000(1.000232877)^{2190}\\\\FV=6000\cdot1.665192322\\\\FV\approx9991.15[/tex]