Hodges Gross
06/10/2024 · Primary School

\( \$ 3000 \) are invested in a bank account at an interest rate of 8 percent per year. Find the amount in the bank after 15 years if interest is compounded annually. 9518.40 Find the amount in the bank after 15 years if interest is compounded quarterly. Find the amount in the bank after 15 years if interest is compounded monthly. Finally, find the amount in the bank after 15 years if interest is compounded continuously. 9960.30

Upstudy ThothAI Solution

Tutor-Verified Answer

Quick Answer

Compounded Annually: \( \approx 9518.40 \) Compounded Quarterly: \( \approx 9658.80 \) Compounded Monthly: \( \approx 9658.80 \) Compounded Continuously: \( \approx 9960.30 \)

Step-by-step Solution

Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text

Enter your question here…

By image
Re-Upload
Uploaded Files
xxxx.png0%
Submit
📸 STUDY CAN BE A REAL STRUGGLE
Why Not UpStudy It?
Select your plan below
Premium

You can enjoy

  • Step-by-step explanations
  • 24/7 expert live tutors
  • Unlimited number of questions
  • No interruptions
  • Full access to answer and
    solution
  • Full Access to PDF Chat, UpStudy Chat, Browsing Chat
Basic
  • Limited Solutions