College Algebra

Question

Find the accumulated value of an investment of $15,000 for 3 years at an interest rate of 6.5%

if the money is

a. compounded​ semiannually;

b. compounded​ monthly;

c. compounded continuously.

Answer 1

(a) 15000 * (1 + 0.065/2)^6

(b) 15000 * (1 + 0.065/12)^36

(c) 15000 * e^(0.065*3