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

Hello My teacher skipped over this and I have no clue how to do this or the equations. Help would be wonderful thank you
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 - , Saturday, May 12, 2012 at 5:08am

    annually: 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 - , Monday, June 17, 2013 at 11:08pm

    What is the future value of $800 invested for 14 years at 11 percent compounded annually

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