   # Complete the following chart, which illustrates what happens to $1000 in 10 years for different rates interest and different numbers of compounding periods. Round your answers to the nearest dollar.$1000 for 10 years Compounded annually 4% 5% 6% 7% Compounded semiannually 4% 5% 6% 7% Compounded quarterly 4% 5% 6% 7% Compounded monthly 4% 5% 6% 7% Compounded continuously 4% 5% 6% 7% ### Intermediate Algebra

10th Edition
Jerome E. Kaufmann + 1 other
Publisher: Cengage Learning
ISBN: 9781285195728

#### Solutions

Chapter
Section ### Intermediate Algebra

10th Edition
Jerome E. Kaufmann + 1 other
Publisher: Cengage Learning
ISBN: 9781285195728
Chapter 11.2, Problem 26PS
Textbook Problem
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## Complete the following chart, which illustrates what happens to $1000 in 10 years for different rates interest and different numbers of compounding periods. Round your answers to the nearest dollar.$1000 for 10 years Compounded annually 4% 5% 6% 7% Compounded semiannually 4% 5% 6% 7% Compounded quarterly 4% 5% 6% 7% Compounded monthly 4% 5% 6% 7% Compounded continuously 4% 5% 6% 7%

To determine

To complete:

The following chart which illustrates what happens to $1000 in 10 years for different rates interest and different numbers of compounding periods. Round off answers to the nearest dollar. $1000 for 10 years Compounded annually 4% 5% 6% 7% Compounded semi-annually 4% 5% 6% 7% Compounded quarterly 4% 5% 6% 7% Compounded monthly 4% 5% 6% 7% Compounded continuously 4% 5% 6% 7%

### Explanation of Solution

Formula used:

Compounded annually:

If P dollars deposited in an account paying an annual rate of interest r compounded annually, then after t years the account will contain A dollars, according to the following formula.

A=P(1+r)t

Compounded semi-annually:

If P dollars deposited in an account paying an annual rate of interest r compounded semi annually, then after t years the account will contain A dollars, according to the following formula.

A=P(1+r2)2t

Compounded quarterly:

If P dollars deposited in an account paying an annual rate of interest r compounded quarterly, then after t years the account will contain A dollars, according to the following formula.

A=P(1+r4)4t

Compounded monthly:

If P dollars deposited in an account paying an annual rate of interest r compounded (paid) n times per year, then after t years the account will contain A dollars, according to the following formula.

A=P(1+rn)nt.

Compounded continuously:

If P dollars are deposited at a rate of interest r compounded continuously for t years, then the compound amount A in dollars on deposit is given by the following formula.

A=Pert

Given:

Here, Principal amount P=1000, Number of years t=10.

Calculation:

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