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Social ScienceIf $500 is invested at an interest rate of 3.5% per year, find the amount of the investment at the end of 12 years for the following compounding methods. (Round your answers to the nearest cent.)(a) Annually(b) Semiannually$(c) Quarterly(d) Continuously
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If $500 is invested at an interest rate of 3.5% per year, find the amount of the investment at the end of 12 years for the following compounding methods. (Round your answers to the nearest cent.) (a) Annually (b) Semiannually $ (c) Quarterly (d) Continuously
Expert Answer
Given,
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3.5 0.035 100 P S500, 3.5% =
a). t = 12 years and n=1 [because compounded annually]
Therefore
b). n = 2 [because compounded sem...
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t A = P 1+ n 212 0.035 = 500 1+ 2 500(1.516442) = 758.2213 758.22 Hence the value of the investment after 12 years is $758.22
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