document.write( "Question 99607: You invest $30,000 in an account for your retirement. the interest you receive is 8% compounded monthly. \r
\n" ); document.write( "\n" ); document.write( "A. How much will be in the account after 30 years?
\n" ); document.write( "B. If your interest was compounded continously at the same rate, how much would you have after 30 years?\r
\n" ); document.write( "\n" ); document.write( "PLease help! \n" ); document.write( "
Algebra.Com's Answer #72467 by stanbon(75887)\"\" \"About 
You can put this solution on YOUR website!
You invest $30,000 in an account for your retirement. the interest you receive is 8% compounded monthly.
\n" ); document.write( "A. How much will be in the account after 30 years?
\n" ); document.write( "A(30) = 30000(1+0.08/12)^(12*30)
\n" ); document.write( "A(30) = 30000(1.00666666...)^360
\n" ); document.write( "A(30) = 30000(10.93572966...)
\n" ); document.write( "A(30) = $328,071.89
\n" ); document.write( "-----------------\r
\n" ); document.write( "\n" ); document.write( "B. If your interest was compounded continously at the same rate, how much would you have after 30 years?
\n" ); document.write( "A(30)=30000e^(0.08*30)
\n" ); document.write( "A(30)=30000(11.02317638...)
\n" ); document.write( "A(30)=$330,695.29
\n" ); document.write( "--------------------
\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H.
\n" ); document.write( " \n" ); document.write( "
\n" );