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August 22, 2014

August 22, 2014

Posted by **tony** on Wednesday, July 13, 2011 at 8:33pm.

Find the amount in the bank after 12 years if interest is compounded quaterly

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

- Math -
**Damon**, Wednesday, July 13, 2011 at 9:14pm12 years 3000 *1.06^12

12*4 = 48 quarters

.06/4 = .015

so

3000 * 1.015^48

12*12 = 144 months

.06/12 = .005

3000 * 1.005^144

dx/dt = .06 x

dx/x = .06 dt

ln x = .06 t

x = Xo e^.06 t

x = 3000 e^(.06*12)

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