If $1500 is invested in an account at an interest rate of 2.0% per year, find the amount of the investment at the end of 5 years for the following compounding methods: 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
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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If $1500 is invested in an account at an interest rate of 2.0% per year, find the amount
of the investment at the end of 5 years for the following compounding methods:
a) Annually
b) Quarterly
c) Monthly
d) Continuously
Transcribed Image Text:If $1500 is invested in an account at an interest rate of 2.0% per year, find the amount of the investment at the end of 5 years for the following compounding methods: a) Annually b) Quarterly c) Monthly d) Continuously
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