David Buckley won a writing contest and invested the 10000 c

David Buckley won a writing contest and invested the $10,000 cash prize in a 3-year CD paying 1.29% compounded daily (use n=360).

What was the value of the CD after 3 years?

Solution

Hi

Value of CD = 10000*(1+1.29%/360)^(3*36) = $10038.77

Thanks.