Li Peters
04/04/2023 · Middle School
Use the appropriate compound interest formula to find the amount that will be in each account, given the stated conditions. \( \$ 27,500 \) invested at \( 3.85 \% \) annual interest for 4 years compounded (a) daily ( \( \mathrm{n}=365 \) ); (b) continuously (a) The amount that \( \$ 27,500 \) invested at \( 3.85 \% \) annual interest for 4 years compounded daily ( \( n=365 \) ) is \( \$ \square \) (Round to the nearest cent as needed.) (b) The amount that \( \$ 27,500 \) invested at \( 3.85 \% \) annual interest for 4 years compounded continuously is \( \$ \square \) (Round to the nearest cent as needed.)
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(a) The amount for daily compounding is approximately $31,946.40.
(b) The amount for continuous compounding is approximately $32,115.00.
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