Thursday

April 24, 2014

April 24, 2014

Posted by **someone** on Saturday, May 12, 2012 at 3:28am.

If 6000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in the bank after 15 years if interest is compounded annually

Find the amount in the bank after 15 years if interest is compounded quaterly

Find the amount in the bank after 15 years if interest is compounded monthly

Finally, find the amount in the bank after 15 years if interest is compounded continuously

- Compound interest -
**Steve**, Saturday, May 12, 2012 at 5:08amannually: 6000(1+.1)^15 = 25,063.49

qly: 6000(1+.1/4)^(15*4) = 26,398.74

mly: 6000(1+.1/12)^(15*12) = 26,723.51

cont: 6000*e^(.1*15) = 26,890.13

- Compound interest -
**Anonymous**, Monday, June 17, 2013 at 11:08pmWhat is the future value of $800 invested for 14 years at 11 percent compounded annually

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