# 2. 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.

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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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