(a) If $1000 is borrowed at 9% interest, find the amounts due at the end of 3 years if the interest is compounded as follows. (Round your answers to the nearest cent.)(i) annually$ (ii) quarterly$ (iii) monthly$ (iv) weekly$ (v) daily$ (vi) hourly$ (vii) continuously$

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Asked Dec 10, 2019
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(a) If $1000 is borrowed at 9% interest, find the amounts due at the end of 3 years if the interest is compounded as follows. (Round your answers to the nearest cent.)

(i) annually
$
 
(ii) quarterly
$
 
(iii) monthly
$
 
(iv) weekly
$
 
(v) daily
$
 
(vi) hourly
$
 
(vii) continuously
$
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Expert Answer

Step 1

Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and specify the other subparts (up to 3) you’d like answered.

Step 2

Given that

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P = $1000 r =9% = 0.09 t = 3

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Step 3

(i)For compounded...

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n=1 so, 1x3 0.09 A = 1000 1+ A =1000(1.09) A = $1295.03

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