Question

Sharon invests $2500 at an annual rate of 9%. How much is the investment worth after 10 years if the interest is compounded...
a. annually
b. monthly
c. daily
d. hourly

Answer 1

\[2500(1.09)^{10}\] for the first one

Answer 2

\[2500(1+\frac{.09}{12})^{120}\] for the second

Answer 3

\[2500(1+\frac{.09}{365})^{3650}\] for the third

Answer 4

Thank you so much!

Answer 5

I just came here to say...
9% compounded per month is already too good to be true, but daily?!
HOURLY?!
:D

Answer 6

Lol i wish that was me :)