Here is the formula you'll need
Total = Principal * (1 + (rate/n))^n*years
I don't know how to solve that for "n" so we'll use trial and error.
If compounded annually, total =
<span>
<span>
<span>
10,841.24
</span>
</span>
</span>
If compounded quarterly, total =
<span>
<span>
<span>
10,955.64
</span>
</span></span><span>If compounded monthly, total =
</span>
<span>
<span>
<span>
10,981.82
</span>
</span>
</span>
If compounded daily, total =
<span>
<span>
<span>
10,994.58
</span>
</span>
</span>
Therefore the answer is "A", daily.
Source:
http://www.1728.org/compint3.htm
<span>
</span><span><span>
</span>
</span>
Ali's solution is incorrect
same as 9y + 1y
10y
Step One
Find AM
Formula
AM = MN - AN
Givens
MN = 67.2
AN = 32
Solution
AM - 67,2 - 32
AM = 35.2
Step Two
Set up a solution
67.2/35.2 = 81.9/x Cross Muliply
67.2 * x = 81.9 * 35.2 Combine the right
67.2 * x = 2882.88 Divide by 67.2
x = 2882.88/67.2
x = 42.9 Answer
I believe the answer is A because its the only one that makes the most sense.
1 and 1/2 is the right one
