SOLUTION: If 38800 dollars is invested at an interest rate of 5 percent per year, find the value of the investment at the end of 5 years for the following compounding methods, to the nearest

Question 1198943: If 38800 dollars is invested at an interest rate of 5 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)
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
Compound Interest Formula

where is the starting principal, is the annual interest rate, is the number of years invested, and is the number of compounding periods per year.
is the future value, meaning the amount the principal grows to after years.

a(annual)

b(semiannual)

c(monthly)

d(daily)

RELATED QUESTIONS
If 6400 dollars is invested at an interest rate of 5 percent per year, find the value of... (answered by solver91311)

If 27200 dollars is invested at an interest rate of 10 percent per year, find the value... (answered by Boreal)

If 28300 dollars is invested at an interest rate of 9 percent per year, find the value of (answered by math_tutor2020,ikleyn)

If 14,100 dollars is invested at an interest rate of 7 percent per year, find the value... (answered by ikleyn)

If 7000 dollars is invested at an interest rate of 9 percent per year, find the value of... (answered by addingup,MathTherapy)

If 27300 dollars is invested at an interest rate of 6 percent per year, find the value of (answered by Alan3354)

If 27300 dollars is invested at an interest rate of 6 percent per year, find the value of (answered by solver91311)

If 27600 dollars is invested at an interest rate of 10 percent per year, find the value... (answered by Theo)

If 25,000 dollars is invested at an interest rate of 9 percent per year, find the value... (answered by Boreal)