Question 1102422: If you deposit $1,000 in your bank account, how much will be in the account:
A) After 5 years with 6% annual interest compounded quarterly?
B) After 3 years with 4% annual interest compounded monthly?
C) After 6 years with 5% annual interest compounded continuously?
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Answer by Alan3354(69443)   (Show Source):
You can put this solution on YOUR website! If you deposit $1,000 in your bank account, how much will be in the account:
A) After 5 years with 6% annual interest compounded quarterly?
B) After 3 years with 4% annual interest compounded monthly?
C) After 6 years with 5% annual interest compounded continuously?
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Amount = $1000*(1 + int/p)^t - p = periods per year, t = # of periods
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A) After 5 years with 6% annual interest compounded quarterly?
5 years = 20 periods
Amount = $1000*(1 + 0.06/4)^20
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Do B & C the same way.
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