You put 100$ in a savings account for six months at a rate of 0.2%
1 answer:
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Answer:
There will be $5624.32 in the account after 3 years if the interest is compounded annually.
There will be $5630.812 in the account after 3 years if the interest is compounded semi-annually.
There will be $5634.125 in the account after 3 years if the interest is compounded quarterly.
There will be $5636.359 in the account after 3 years if the interest is compounded monthly
Step-by-step explanation:
Tamira invests $5,000 in an account
Rate of interest = 4%
Time = 3 years
Case 1:
Principal = 5000
Rate of interest = 4%
Time = 3 years
No. of compounds per year = 1
Formula :
A=5624.32
There will be $5624.32 in the account after 3 years if the interest is compounded annually.
Case 2:
Principal = 5000
Rate of interest = 4%
Time = 3 years
No. of compounds per year = 2
Formula :
A=5630.812
There will be $5630.812 in the account after 3 years if the interest is compounded semi-annually.
Case 3:
Principal = 5000
Rate of interest = 4%
Time = 3 years
No. of compounds per year = 4
Formula :
A=5634.125
There will be $5634.125 in the account after 3 years if the interest is compounded quarterly.
Case 4:
Principal = 5000
Rate of interest = 4%
Time = 3 years
No. of compounds per year = 4
Formula :
A=5636.359
There will be $5636.359 in the account after 3 years if the interest is compounded monthly