Question
Asked Apr 17, 2019
42 views

(a) If $700 is borrowed at 8% interest, find the amounts due at the end of 4 years if the interest is compounded as follows. (Round your answers to the nearest cent.)

annually, quarterly, monthly, weekly, daily, hourly, continuously 
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Expert Answer

Step 1

(1)

Compounded annually:

n=1

P=700

r=8%=0.08

t=4

We can use formula and find amount 

 

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Step 2

(2)

Compounded Quarterly:

P=700

n=4

t=4

r=8%=0.08

now, we can use formula and find amount

 

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Step 3

(3)

Compounded Monthly:

P=700

n=12

t=4

r=8%=0.08

now, we can plug these values into formula&nbs...

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Calculus

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