Answer: $ 82,531.59.
Step-by-step explanation:
Formula to calculate the accumulated amount compounded daily:
[tex]A=P(1+\dfrac{r}{365})^{t}[/tex]
,where P=principal amount, t=time ( in days ), r =rate of interest.
Given: P= $51,123.21
r = [tex]2\dfrac{3}{8}\%=\dfrac{19}{8}\%=0.02375[/tex]
t= 20 years 2 months
[tex]= 20(365)+\dfrac{2}{12}(365)\\\\= 7360.83[/tex] [1 year = 365 days, 1 year = 12 months]
Substitute all values in the formula, we get
[tex]A=(51123.21)(1+\dfrac{0.02375}{365})^{7360.83}\\\\\approx82531.59[/tex]
hence, future value = $ 82,531.59.
