Problem:
You just received a $10,000 gift from your grandmother and you wish to save it for a rainy day.
Required:
Question: If interest is 8% compounded daily, what is the value of this gift in 5 years?
- $14,693.28
- $14,917.59
- $14,215.02
- $10,010.96
Note: Show step by step solution and I also want complete calculation.