Question

Maya puts $4000 into a bank account that is earning 3.5% interest. How much will he have after ten years if the interest is compounded monthly? daily? continuously?

Answer 1

\[4000(1+\frac{.035}{12})^{12\times 10}\] for the first one

Answer 2

\[4000(1+\frac{.035}{365})^{365\times 10}\] for the second

Answer 3

\[4000e^{.035\times 10}\] for the last one
calculators for all

Answer 4

Geometric series