Melanie invests $8800 in a new savings account which earns 4.6% annual interest, compounded daily. What will be the value of her investment after 6 years?

it would be valued at $11,597

Step-by-step explanation:

In this question, we are asked to calculate the value of an investment, 6 years on from now, given the annual interest , initial investment and time

Mathematically;

A = P(1+r/n)^nt

From the question, A = ?

P is initial investment = $8,800

r is rate = 4.6% = 4.6/100 = 0.046

n is number of times compounded = 365 since it is daily and we have 365 days in a year

t = time= 6 years

Now, we input these values into the equation;

A = 8,800 (1+ 0.046/365)^(365*6)

A = 8,800 (1+ 0.00012602739726)^2190

A = 8,800(1.00012602739726)^2190

A = $11,596.86

step-by-step explanation:

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