$15,000 is invested in an account that pays 5% interest. How much money will you have in the account after 5 years if the interest is compounded: (a) monthly? (n = 12) (b) weekly? (n = 52) (c) continuously?
$15,000 is invested in an account that pays 5% interest. How much money will you have in the account after 5 years if the interest is compounded: (a) monthly? (n = 12) (b) weekly? (n = 52) (c) continuously?
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Transcribed Image Text:$15,000 is invested in an account that pays 5% interest. How much money will
you have in the account after 5 years if the interest is compounded:
(a) monthly? (n = 12)
(b) weekly? (n = 52)
(c) continuously?
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