$5000 are invested in a bank account at an interest rate of 9 percent per year. Find the amount in the bank after 9 years if interest is compounded annually. Find the amount in the bank after 9 years if interest is compounded quaterly. Find the amount in the bank after 9 years if interest is compounded monthly. Finally, find the amount in the bank after 9 years if interest is compounded continuously. Question Help: Video Message instructor D Post to forum Submit Question

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 50E
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$5000 are invested in a bank account at an interest rate of 9 percent per year.
Find the amount in the bank after 9 years if interest is compounded annually.
Find the amount in the bank after 9 years if interest is compounded quaterly.
Find the amount in the bank after 9 years if interest is compounded monthly.
Finally, find the amount in the bank after 9 years if interest is compounded continuously.
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Message instructor D Post to forum
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Transcribed Image Text:$5000 are invested in a bank account at an interest rate of 9 percent per year. Find the amount in the bank after 9 years if interest is compounded annually. Find the amount in the bank after 9 years if interest is compounded quaterly. Find the amount in the bank after 9 years if interest is compounded monthly. Finally, find the amount in the bank after 9 years if interest is compounded continuously. Question Help: Video Message instructor D Post to forum Submit Question
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