Answer :
Answer:
Amount after 12 year will be $30762.16
Explanation:
We have given amount invested = $15000
Rate of interest r = 6 %
Time t = 12 years
As investment is compounded daily
So rate of interest [tex]=\frac{6}{365}=0.0164[/tex] %
As 1 year = 365 days
So 12 year = 12×365 = 4380 days
We know that future value is given by
[tex]A=P(1+\frac{r}{100})^n[/tex]
So [tex]A=15000\times (1+\frac{0.0164}{100})^{4380}=30762.958[/tex]$
So amount after 12 year will be $30762.16