Give the future value of compound interest formula where FV is the future value (in dollars), PV is the present value (in dollars), r is the annual interest rate as a decimal, n is the number of compounding periods per year, and t is the number of years. FV = A deposit of $40,000 is placed in a scholarship fund that earns an annual interest rate of 2.75% compounded daily. The account earns interest for 2 years. Determine the following values. (Assume all years have 365 days.) PV = $ 40,000 r = n = t = 0.0275 365 2 Fantastic! Fantastic work! Excellent job! years Find the value (in dollars) of the account after 2 years. (Round your answer to the nearest cent.) $ 42,237.76 × Suggested tutorial: Learn It: Calculate a Future Value Using the Compound Interest Formula.

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