To the nearest dollar, the investment of $130 in an account paying an interest rate of 3.6% compounded daily would become $193 after 11 years.
How do we determine the future value of an investment?
The future value of an investment can be determined using the future value table or formula.
We can also determine the future value using an online finance calculator as follows:
Data and Calculations:
N (# of periods) = 4,015 days (11 x 365)
I/Y (Interest per year) = 3.6%
PV (Present Value) = $130
PMT (Periodic Payment) = $0
Results:
FV = $193.16 ($130 + $63.16)
Total Interest $63.16
Thus, the investment of $130 in an account paying an interest rate of 3.6% compounded daily would become $193 after 11 years.
Learn more about determining the future value at https://brainly.com/question/24703884
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