1. If $2500 is invested at 2.15% yearly interest, determine the value of the investment at the end of five (5) years if the interest is compounded (a) quarterly (4 times a year) (Show all work and write final answer in terms of dollars and cents.) (b) continuously (Show all work and write final answer in terms of dollars and cents.)

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 9E
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1. If $2500 is invested at 2.15% yearly interest, determine the value of the investment at the end of five (5) years if the
interest is compounded
(a) quarterly (4 times a year)
(Show all work and write final answer in terms of dollars and cents.)
(b) continuously (Show all work and write final answer in terms of dollars and cents.)
Transcribed Image Text:1. If $2500 is invested at 2.15% yearly interest, determine the value of the investment at the end of five (5) years if the interest is compounded (a) quarterly (4 times a year) (Show all work and write final answer in terms of dollars and cents.) (b) continuously (Show all work and write final answer in terms of dollars and cents.)
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