$8000 are invested in a bank account at an interest rate of 6 percent per year.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter10: Exponential And Logarithmic Functions
Section10.2: Evaluate And Graph Exponential Functions
Problem 10.32TI: Allan invested $10,000 in a mutual fund. If the interest rate is 5%, how much will be in the account...
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$8000 are invested in a bank account at an interest rate of
6 percent per year.
Find the amount in the bank after 15 years if interest is
compounded annually.
Find the amount in the bank after 15 years if interest is
compounded quaterly.
Find the amount in the bank after 15 years if interest is
compounded monthly.
Finally, find the amount in the bank after 15 years if
interest is compounded continuously.
Transcribed Image Text:$8000 are invested in a bank account at an interest rate of 6 percent per year. Find the amount in the bank after 15 years if interest is compounded annually. Find the amount in the bank after 15 years if interest is compounded quaterly. Find the amount in the bank after 15 years if interest is compounded monthly. Finally, find the amount in the bank after 15 years if interest is compounded continuously.
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