Gough Bond
05/22/2024 · Primary School
\( \$ 6000 \) are invested in a bank account at an interest rate of 10 percent per year. Find the amount in the bank after 12 years if interest is compounded annually. Find the amount in the bank after 12 years if interest is compounded quarterly. Find the amount in the bank after 12 years if interest is compounded monthly. Finally, find the amount in the bank after 12 years if interest is compounded continuously. .
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Amount after 12 years (compounded annually): **\$20,868**
Amount after 12 years (compounded quarterly): **\$19,248**
Amount after 12 years (compounded monthly): **\$19,800**
Amount after 12 years (compounded continuously): **\$19,920**
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