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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