Try working the following example.. You deposit $$8,000$ today in an account that pays $4\mathrm{.}6\%$ interest per year with daily compounding. How much will you have in the account $10$ years from today? Assume a $365-$day year. Round your answer to the nearest penny.

In some cases, interest compounds over a non$-$annual frequency. To perform our TVM money calculations, you need to make two adjustments: $(1)$ Convert the annual rate to a "periodic" rate by dividing the annual rate by the number of compounding periods per year. For example, if you have monthly compounding, divide the annual rate by $12.(2)$ Calculate the total number of periods by multiplying the number of years by the number of compounding periods per year. So$,$ if you have monthly compounding over four years, there are $12$ x $4=48$ total periods in the problem.

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Try working the following example.. You deposit $$8,000$ today in an account that pays $4\mathrm{.}6\%$ interest per year with daily compounding. How much will you have in the account $10$ years from today? Assume a $365-$day year. Round your answer to the nearest penny.