$8000 are invested in a bank account at an interest rate of 10 percent per year. Find the amount in the bank after 14 years if interest is compounded annually. Find the amount in the bank after 14 years if interest is compounded quarterly. Find the amount in the bank after 14 years if interest is compounded monthly. Finally, find the amount in the bank after 14 years if interest is compounded continuously.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....
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$8000 are invested in a bank account at an interest rate of 10 percent per year.
Find the amount in the bank after 14 years if interest is compounded annually.
Find the amount in the bank after 14 years if interest is compounded quarterly.
Find the amount in the bank after 14 years if interest is compounded monthly.
Finally, find the amount in the bank after 14 years if interest is compounded continuously.
Transcribed Image Text:$8000 are invested in a bank account at an interest rate of 10 percent per year. Find the amount in the bank after 14 years if interest is compounded annually. Find the amount in the bank after 14 years if interest is compounded quarterly. Find the amount in the bank after 14 years if interest is compounded monthly. Finally, find the amount in the bank after 14 years if interest is compounded continuously.
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