SOLUTION: If 46500 dollars is invested at an interest rate of 8 percent per year, find the value of the investment at the end of 5 years for the following compounding methods, to the nearest

Algebra.Com
Question 1201299: If 46500 dollars is invested at an interest rate of 8 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: $
Found 2 solutions by josgarithmetic, MathTherapy:
Answer by josgarithmetic(39631)   (Show Source): You can put this solution on YOUR website!
Just a little bit of help...


Annual? That was given.

Semiannual? This is twice per year, so two compounding periods.
Each period, , 4%.

Daily? If assume 365 days in the year, then the year has 365 compounding periods, and each day's rate is , or 0.021918%, or wherever to take the desired accuracy.
Answer by MathTherapy(10558)   (Show Source): You can put this solution on YOUR website!
If 46500 dollars is invested at an interest rate of 8 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: $
                                                   Only HINTS you need: 

 

Calculate A, in each case, per given instructions!!
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)