To determine the future value of the computation below:
[tex]FV=PV(1+\frac{r}{n})^{nt}[/tex]FV=future value
PV=present value = $39500
r=annual interest rate = 6.3% = 0.063%
n=number of periods interest held daily = 365
t = number of years = 3
[tex]\begin{gathered} FV=39500(1+\frac{0.063}{365})^{3\times365} \\ FV=39500(1.20802) \\ FV=\text{\$}47716.83936 \end{gathered}[/tex]Hence the future value = $47,716.84 (nearest cent)
