Warren Gardner
04/22/2024 · Senior High School
\( \$ 5000 \) are invested in a bank account at an interest rate of 5 percent per year. Find the amount in the bank after 13 years if interest is compounded annually. 9428 Find the amount in the bank after 13 years if interest is compounded quarterly. 9539 Find the amount in the bank after 13 years if interest is compounded monthly. Finally, find the amount in the bank after 13 years if interest is compounded continuously.
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- Compounded Annually: \( \approx 8568.50 \)
- Compounded Quarterly: \( \approx 8568.50 \)
- Compounded Monthly: \( \approx 8568.50 \)
- Compounded Continuously: \( \approx 9577.50 \)
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