Hello everyone! How are you all doing today? I am having two questions as of now regarding compounded interest.
First one: A small hardware store makes a profit of $20,000 during its first year. The store owner sets a goal of increasing profits by $5000 each year for 4 years. Assuming that this goal is met, find the total profit during the first 5 years of business.
Second One: A principal of $2500 is invested at $% interest. Find the amount after 20 years if the interest is compounded a. annually, b. semi-annually, c. quarterly, d. monthly, and e. daily
I understand how to do it annually, but I'm not sure about b-e. Thank you all for the help and I'm very grateful for it!