F(1) = 6 f(n) = f(n – 1) – 5 for integer values of n > 1
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The amount for the investment of $6000 will be a.$6369 b. $6090 and c.$6030.
<h3>What is compound interest?</h3>Compound interest is the interest levied on the interest. The formula for the calculation of compound interest is given as:-
a) The amount in the bank after 6 years if interest is compounded annually.
A= $6369
b) The amount in the bank after 6 years if interest is compounded quarterly.
A= $6090
c ) The amount in the bank after 6 years if interest is compounded monthly.
A=$6030
Hence the amount for the investment of $6000 will be a.$6369 b. $6090 and c.$6030.
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