What is the balance after 1 year in an account containing $1000 that earns a yearly nominal interest of 8% and is compounded (a) annually? (once per year)      (b) weekly? (52 times per year)     (c) every minute? (525,600 times per year)     (d) continuously?

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 11T: Suppose that $12,000 is invested in a saving account paying 5.6% interest per year. (a)Write the...
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What is the balance after 1 year in an account containing $1000 that earns a yearly nominal interest of 8% and is compounded

(a) annually? (once per year)     
(b) weekly? (52 times per year)    
(c) every minute? (525,600 times per year)    
(d) continuously?     

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