The amount A in an account after t years with principal P, annual interest rate r (expressed as a decimal), and compounded n tim
es per year is given by
A = P ( 1 + r/n ) ^nt
You deposit $1000 into three separate bank accounts that each pay 3% annual interest. In Account 1, interest is compounded quarterly. In Account 2, interest is compounded monthly. In Account 3, interest is compounded daily.
Just need to know what the amounts are for the table in the picture please.
A = P ( 1 + r/n ) ^nt
You deposit $1000 into three separate bank accounts that each pay 3% annual interest. In Account 1, interest is compounded quarterly. In Account 2, interest is compounded monthly. In Account 3, interest is compounded daily.
Just need to know what the amounts are for the table in the picture please.
1 answer:
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