(Answered) You inherit 134000 and decide to invest it for 90 days

Engineering

You inherit $134,000 and decide to invest it for 90 days compounded daily at 7.25% annual interest (exact). After the 90 days, you are going to invest your new-found money in a startup business.

a) How much interest is earned on this investment?

You can either use the Future Value formula or Table 13-2

Future Value Formula

FV = P(1 + R)N

Reminder: R = Interest Rate per period (day)

Table 13-2: Compound Interest on $100, Compounded Daily (

days) (Exact Time, Exact Interest Basis)

Reminder - The Table is for compound interest on each $100.

b) How much money will you have to invest in the startup after the 90 days?

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