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If $3000 is invested at 3% interest, find the value of the investment at the end of 7 years if the interest is compounded as follows. (Round
Question
If $3000 is invested at 3% interest, find the value of the investment at the end of 7 years if the interest is compounded as follows. (Round your answers to the nearest cent.)
(i) annually
(ii) semiannually
(iii) monthly
(iv) weekly
(v) daily
(vi) continuously
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Mathematics
3 years
2021-07-30T23:19:53+00:00
2021-07-30T23:19:53+00:00 1 Answers
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Answers ( )
Answer:
annualy=$3689.62
semiannually=$3695.27
monthly=$3700.06
weekly=$3700.81
daily=$3701.00
Continuously=$3701.03
Step-by-step explanation:
Given:
P=3000
r=3%
t=7 years
Formula used:
Where,
A represents Accumulated amount
P represents (or) invested amount
r represents interest rate
t represents time in years
n represents accumulated or compounded number of times per year
Solution:
(i)annually
n=1 time per year
On approximating the values,
A=$3689.62
(ii)semiannually
n=2 times per year
On approximating the values,
A=$3695.27
(iii)monthly
n=12 times per year
On approximating,
A=$3700.06
(iv) weekly
n=52 times per year
On approximating,
A=$3700.81
(v) daily
n=365 time per year
On approximating the values,
A=$3701.00
(vi) Continuously
On approximating the value,
A=$3701.03