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23 September, 20:22

1.

A sum of $3000 is invested at an interest rate

of 9% per year. Find the amount in the

account after 15 years if interest is

compounded:

(a) annually

(b) semiannually

(c) quarterly

(d) monthly

(e) daily

+4
Answers (1)
  1. 24 September, 00:22
    0
    Amount = 3000 (1+.09/m) ^ (15m)

    Step-by-step explanation:

    (a) annually, m=1

    (b) semiannually, m=6

    (c) quarterly, m=4

    (d) monthly, m=12

    (e) daily, m=365
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