My Blackboard OC Student Courses& Organizations Content Collection ollege Algebr

Question

My Blackboard OC Student Courses& Organizations Content Collection ollege AlgebraSection 6.1: Exponential Functions & Their GraphsAssignment 6.1: Exponential Functions and Their Graphs 6.1: Exponential Functions and Their Graph:s $2000 are invested in a bank account at an interest rate of 8 percent per year. Find the amount in the bank after 5 years if interest is compounded annually. Find the amount in the bank after 5 years if interest is compounded quaterly. Find the amount in the bank after 5 years if interest is compounded monthly. Finally, find the amount in the bank after 5 years if interest is compounded continuously. Get help: Video Preview Preview Preview Pr Points possible: 1 Unlimited ettempts Submit

Explanation / Answer

Compunded anually:

Amount= 2000 ( 1 +0.08)^5 = $2938.66

Compunded Quarterly:

Amount= 2000 ( 1 +0.08/4)^(5*4) = $2971.89

Compunded monthly:

Amount= 2000 ( 1 +0.08/12)^(5*12) = $2979.69

Compunded continously:

Amount= 2000*e^(0.08*5)= $2983.65

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.