a) Find the final amount of money in an account if $6, 100 is deposited at 2 % interest compounded quarterly (every 3 months) and the money is left for 7 years. The final amount is $ Round answer to 2 decimal places b) If the money is to compound continuously at the same rate of 2 % , find the amount after 7 years. The final amount is $ Round answer to 2 decimal places.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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a) Find the final amount of money in an account if $6, 100 is deposited at 2 % interest compounded
quarterly (every 3 months) and the money is left for 7
years.
The final amount is $
Round answer to 2 decimal places
b) If the money is to compound continuously at the same rate of 2 % , find the amount after 7 years.
The final amount is $
Round answer to 2 decimal places.
Transcribed Image Text:a) Find the final amount of money in an account if $6, 100 is deposited at 2 % interest compounded quarterly (every 3 months) and the money is left for 7 years. The final amount is $ Round answer to 2 decimal places b) If the money is to compound continuously at the same rate of 2 % , find the amount after 7 years. The final amount is $ Round answer to 2 decimal places.
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