# Lance Jackson deposited $6,000 at Basil Bank at 8% interest compounded daily. What is Lance’s investment at the end of 4 years? (Use Table12.2.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Ratios, rates, proportions ANSWERED asked 2021-02-27 Lance Jackson deposited$6,000 at Basil Bank at 8% interest compounded daily. What is Lance’s investment at the end of 4 years? (Use Table12.2.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

First you need to find the daily interest rate: Daily rate = .$$\displaystyle\frac{{09}}{{365}}$$ = .000247
Second determine how many days in 4 years: Days = $$\displaystyle{4}\cdot{365}$$ = 1460
Then you can set up the equation for amount of interest of 4 years. We will use the initial deposit and multiply by the daily interest rate over 1,460 days: Future value = $$\displaystyle{6000}\cdot{\left({1}+{.000247}\right)}^{{1460}}$$