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Question

If 34700 dollars is invested at an interest rate of 10 percent per year, find the value of the investment at the end of 5 years for the following compounding methods, to the nearest cent.

(a) Annual: ____$  

(b) Semiannual: _____$  

(c) Monthly: _____$  

(d) Daily: ____$  1

Answer 1

(a) A(5) = 34700(1 + 0.10)⁵

(b) A(5) = 34700(1 + 0.10/2)⁽⁵⁾⁽²⁾

(c) A(5) = 34700(1 + 0.10/12)^(5)(12)

(d) A(5) = 34700(1 + 0.10/365)^(5)(365)