Math

AlgebraQ&A Library2. For this exercise, include the formula you usedand how you set up the calculation. For part c,algebraic solving processes are to be demonstrated.A student receives an award of $2000 and decides toinvest that money for six years. To the nearest cent,how much money will be in the account at the endof the six years if the account earns:a. 4.2% compounded quarterly?b. 4.2% compounded continuously? c. At 4.2% interest compounded continuously, howlong will it take the investment to grow to $5000?Round your answer to the nearest year.Question

Asked Dec 12, 2019

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Step 1

From the given,

*P* = 2000

*n* = 6

*r* = 4.2% = 0.042

Step 2

a) Compounded quarterly at 4.2% interest

Compound interest formula

Step 3

Then,

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