If $ 1000 is invested in an account that pays 7 % interest compounded n times each year, then in 10 years there will be 1000 1 + 0.07 / n 10 n dollars in the account. How much money will be in the account in 10 years if the interest is compounded quarterly n = 4 ? Monthly n = 12 ? Daily n = 365 ? Determine the amount of money that will be in the account in 10 years if the interest is compounded continuously , that is, as n → + ∞ .
If $ 1000 is invested in an account that pays 7 % interest compounded n times each year, then in 10 years there will be 1000 1 + 0.07 / n 10 n dollars in the account. How much money will be in the account in 10 years if the interest is compounded quarterly n = 4 ? Monthly n = 12 ? Daily n = 365 ? Determine the amount of money that will be in the account in 10 years if the interest is compounded continuously , that is, as n → + ∞ .
If
$
1000
is invested in an account that pays
7
%
interest compounded
n
times each year, then in
10
years there will be
1000
1
+
0.07
/
n
10
n
dollars in the account. How much money will be in the account in
10
years if the interest is compounded quarterly
n
=
4
? Monthly
n
=
12
? Daily
n
=
365
? Determine the amount of money that will be in the account in
10
years if the interest is compounded continuously, that is, as
n
→
+
∞
.
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