Share
Explore BrainMass

You have $2,000 invested in a bank account that pays a 4 percent nominal annual interest with daily compounding.

This is a multiple choice question.

You have $2,000 invested in a bank account that pays a 4 percent nominal annual interest with daily compounding. How much money will you have in the account in 132 days from today? (Assume there are 365 days in each year.)

a) $2,029.14
b) $2,028.93
c) $2,040.00
d) $2,023.44
e) 2,023.99

Solution Preview

You have $2,000 invested in a bank account
This is a multiple choice question.

You have $2,000 invested in a bank account ...

Solution Summary

This solution is comprised of a detailed explanation to answer how much money will you have in the account in 132 days from today.

$2.19