Helen R.

asked • 04/29/20

Please help on this Financing Question!

Please help! I am taking a financing class and if I fail this test I won't get my credits!

An investment of $8,000 is made at 3.5% interest for 8 years. Determine the maturity value (rounded to the nearest penny) in each of the following cases.

(a) Simple interest is used.

(b) The interest is compounded annually.

(c) The interest is compounded continuously.

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