Sorry this one is long Kimberly's family invested in a Certificate of Deposit (CD) for her when she was born. Theydeposited S3,000 at an annual interest rate of 8%. The interest is compounded quarterly. Whatis the value of the CD at the end of 5 years?Principal Amount (P) =Rate of interest (r) =The number of times the interest is compounded (n) =Exponential function:What is the value after 5 years (substitute 5 for t)?Will the value of Kimberly's CD be greater after 15 years if it is compounded annuallyrather than quarterly?Annually (1 time per year):Principal Amount (P) =Rate of interest (r) =The number of times the interest is compounded (n) =Exponential function:What is the value after 15 years (substitute 15 for t)?Quarterly (4 times per year):Principal Amount (P) =Rate of interest (r) =The number of times the interest is compounded (n) =Exponential function:What is the value after 15 years (substitute 15 for t)? Compare these values to when the interest is compoundedsemiannually or monthly.Semiannually (2 times per year):Principal Amount (P) =Rate of interest (r) =.The number of times the interest is compounded (n) =Exponential function:What is the value after 15 years (substitute 15 for t)?Monthly (12 times per year):Principal Amount (P):Rate of interest (r) =,The number of times the interest is compounded (n) =Exponential function:What is the value after 15 years (substitute 15 for t)?What rate of compounding interest will give the most money in Kimberly's account? (Circle one)Quarterly / Annually / Semiannually / Monthly

Name: Sorry this one is long Kimberly's family invested in a Certificate of
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: Sorry this one is long Kimberly's family invested in a Certificate of Deposit (CD) for her when she was born. Theydeposited S3,000 at an annual interest rate of 8%. The interest is compounded quarterly. Whatis the value of the CD at the end of 5 year