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