Juan invests $7500 at 6% interest in one year. How much money will he have if the interest were compounded A. yearly B. Daily C. why are the amounts in answers a and b different

A) 7,950$, B) 7,963.73$, C) Since daily interest means that 6%/365 of 7500 will be added and compounded every day for the given amount of time(in this case, one year), while annual interest means that 6% of 7500 will be added and compounded yearly for the given amount of time(I'm this case, one year).

Step-by-step explanation:

Given the compound interest formula, A = P(1+r/n)^nt, where A = total amount(final amount), P = principle or amount of money deposited(starting amount), r = annual interest rate(percent interest in respect to t ; decimal = %/100), and n = conversion rate(number of times compounded per t; how much is it compounded)

t = time(time in respect to years ; how long it is compounded).

For A) A = 7500( 1 + 6%/365 ) ^ 365 = 7500(1 + 0.06/365) ^365 = 7500(1 + 0.00016438356..)^365= 7500(≈1.0001644^365) = 7500(100.01644%^365) = 7500(≈106.183%) = 7963.725 ≈ 7963.73$

For B) A = 7500( 1 + 6% ) ^ 1 = 7500(1 + 0.06) = 7500(1.06) = 7500(106%) = 7950$

C) this is because compounding something with a higher frequency leads to a different percentage (as n approaches infinity with time proportional to the annual rate, the ratio between the principle and total amount are proportional to e)

in problems involving proportions, we can use cross products to test whether two ratios are equal and form a proportion. to find the cross products of a proportion, we multiply the outer terms, called the extremes, and the middle terms, called the means.

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step-by-step explanation: