SOLUTION: Hi! I know I need to solve this question with the A=P(1+r/n)^nt but when I submitted my answer I got it incorrect and I'm not sure where I went wrong. If $17900 is invested at

Algebra.Com
Question 1160383: Hi! I know I need to solve this question with the A=P(1+r/n)^nt but when I submitted my answer I got it incorrect and I'm not sure where I went wrong.
If $17900 is invested at an interest rate of 7% per year, find the value of the investment at the end of 5 years for the following compounding methods.
Annual
Semi-annual
Monthly
Daily
Continously
I got both the monthly ($25375.5) and the continously ($25401.3) answers correct but I don't know where I went wrong for annual, semi-annual, and daily.
Thank you for any help in advance.

Answer by Boreal(15235)   (Show Source): You can put this solution on YOUR website!
annual is 17900(1.07)^5=$25,105.68
semi-annual is 17900(1.035)^10=$25,249.72
monthly is 17900(1+(.07/12))^60=$25375.49, as you wrote
daily is 17900(1+(.07/365))^1825=$25,400.46
continuously is 17900*e^(0.35)=$25401.31
rounding too soon can be a problem, but the amounts should gradually increase to continuously

RELATED QUESTIONS

My professor has taken the compound interest formula... {{{ A(t)=P(1+r/n)^nt }}} ...and (answered by jim_thompson5910)
Hi, my name is Christy. Our professor passes out sheets in our class and I was wondering... (answered by Alan3354,jim_thompson5910)
Please help me solve this equation: 1-r= -5 I tried it and i got this: 1-r =-5 -1 (answered by jim_thompson5910)
hi i am studying for my final and i would like to know something. this is the task:... (answered by stanbon)
THIS QUESTION WAS ASKED ON MY MATHS 4n + 1 = 9 I HAVE TRIED TO LOOK AT THE QUESTION IN (answered by stanbon,MathLover1)
I am working on an absolute value inequality for my algebra class. The problem is 9[1-z]... (answered by Theo)
I need help. I'm supposed to solve and graph this equation y=absolute value of x-4 but... (answered by stanbon)
Can you help me with this question please? How many years will it take $5000 to grow... (answered by jim_thompson5910)
I can not remember what all the variables in this equation means: "A=p(1+r/n)nt." I know... (answered by stanbon)