1)If 3000 dollars is invested in a bank account at an interest rate of 7 per cent per year, find the amount in the bank after 9 years if interest is compounded annually:
2)Find the amount in the bank after 9 years if interest is compounded quaterly:
3) Find the amount in the bank after 9 years if interest is compounded monthly:

Question

1)If 3000 dollars is invested in a bank account at an interest rate of 7 per cent per year, find the amount in the bank after 9 years if interest is compounded annually:
2)Find the amount in the bank after 9 years if interest is compounded quaterly:
3) Find the amount in the bank after 9 years if interest is compounded monthly:

mertsj · Answer

$$A=P(1+\frac{r}{n})^{nt}$$

mertsj · Answer

$$A=3000(1+\frac{.07}{1})^{9}=$5515.38$$

mertsj · Answer

$$A=3000(1+\frac{.07}{4})^{4(9)}=$5602.22$$

anonymous · Answer

mertsj is a calculting machine!

mertsj · Answer

$$A=3000(1+\frac{.07}{12})^{12(9)}=$5622.53$$

mertsj · Answer

You led the way, big guy.

anonymous · Answer

Thanks a bunch! the equations help out a lot

mertsj · Answer

yw