If 8000 dollars is invested at 8% interest, find the value of the investment at the end of 6 years if interest is compounded a) annually b) quarterly c) monthly d) continuously

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
icon
Related questions
Question
If 8000 dollars is invested at 8% interest, find the value of the investment at the end of 6 years if interest is compounded
a) annually
b) quarterly
c) monthly
d) continuously
Transcribed Image Text:If 8000 dollars is invested at 8% interest, find the value of the investment at the end of 6 years if interest is compounded a) annually b) quarterly c) monthly d) continuously
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning