
Mark M. answered 04/24/21
Mathematics Teacher - NCLB Highly Qualified
A(7) = 4000(1 + 0.06)7
A(7) = 4000(1 + 0.06/4)(4)(7)
A(7) = 4000(1 + 0.06/12)(12)(7)
A(7) = 4000e0.06(7)
Cathryn A.
asked 04/24/21If 4000 dollars is invested in a bank account at an interest rate of 6 per cent per year,
Find the amount in the bank after 7 years if interest is compounded annually:
Find the amount in the bank after 7 years if interest is compounded quarterly:
Find the amount in the bank after 7 years if interest is compounded monthly:
Finally, find the amount in the bank after 7 years if interest is compounded continuously:
Mark M. answered 04/24/21
Mathematics Teacher - NCLB Highly Qualified
A(7) = 4000(1 + 0.06)7
A(7) = 4000(1 + 0.06/4)(4)(7)
A(7) = 4000(1 + 0.06/12)(12)(7)
A(7) = 4000e0.06(7)
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