$2000 are invested in a bank account at an interest rate of 8 percent per year. Find the amount in the bank after 12 years if interest is compounded annually. Find the amount in the bank after 12 years if interest is compounded quaterly. Find the amount in the bank after 12 years if interest is compounded monthly. Finally, find the amount in the bank after 12 years if interest is compounded continuously.

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.CT: Chapter Test
Problem 11CT
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Question 13
$2000 are invested in a bank account at an interest rate of 8 percent per year.
Find the amount in the bank after 12 years if interest is compounded annually.
Find the amount in the bank after 12 years if interest is compounded quaterly.
Find the amount in the bank after 12 years if interest is compounded monthly.
Finally, find the amount in the bank after 12 years if interest is compounded continuously.
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Transcribed Image Text:Question 13 $2000 are invested in a bank account at an interest rate of 8 percent per year. Find the amount in the bank after 12 years if interest is compounded annually. Find the amount in the bank after 12 years if interest is compounded quaterly. Find the amount in the bank after 12 years if interest is compounded monthly. Finally, find the amount in the bank after 12 years if interest is compounded continuously. Question Help: D Video Submit Question Jump to Answer
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