## 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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3 years 2021-07-30T23:19:53+00:00 1 Answers 10 views 0

## Answers ( )

1. 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