Question 466117: im in desperate need with help for this questuin i have no clue how to do it
find the compound intrest and compound amount for the following investments
a.) 3,000 at 5% compounded anually for 6 years
b.) 3,000 at 5% compounded semianually for 6 years
c.) 3,000 at 5% compounded quaterly for 6 years
d.) 3,000 at 5% compounded monthly for 6 years
Answer by ewatrrr(24785)   (Show Source):
You can put this solution on YOUR website!
Hi,
A= p(1+r/n) ^nt
a.) 3,000 at 5% compounded anually for 6 years = 3000( 1.05)^6 |n = 1
b.) 3,000 at 5% compounded semianually for 6 years = 3000( 1.025)^12 |n = 2
c.) 3,000 at 5% compounded quarterly for 6 years = 3000(1.0125)^24 | n = 4
d.) 3,000 at 5% compounded monthly for 6 years = 3000(1.004)^72 | n = 12
Your Calculator will make short work of it
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