Calculus help

posted by .

assume that the initial deposit is $20000 and the nominal annual interest rate is 5.7%. Determine the amount in the account in 10 years if the interest is compounded as follows (round your answers to the nearest dollar):

(a) Annually: P=20000(1.057)^10

(b) Monthly:

(c) Weekly (assume all years have 52 weeks):

(d) Daily (assume all years have 365 days):

(e) Continuously: P=20000e^(0.057*10)

I need help with how to do b-d!
Thanks!

  • Calculus help -

    for multiple periods per year, just divide the interest rate and multiply the number of years.

    (b) P = 2000(1+.057/12)^(12*10)

    and similarly for other divisions of the year into multiple parts.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. calculus

    Assume the initial investment was $6600 and the annual interest rate to be compounded continuously is 5%. Assume also that the target amount is $7900. If you want the account to contain the target amount given above after 9 years, …
  2. calc2

    At what constant, continuous annual rate should you deposit money into an account if you want to have $1,000,000 in 25 years?
  3. algebra 2

    The amount of money in an account with continuously compounded interest is given by the formula A=Pe^rt , where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hundredth of a …
  4. algebra

    The amount of money in an account with continuously compounded interest is given by the formula A=Pe^rt , where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hundredth of a …
  5. FINANCE

    You deposit $2,000 in an account that pays 8% interest compounded semiannually. After 4 years, the interest rate is increased to 8.28% compounded quarterly. What will be the value of the account after 4 more years?
  6. Alg2

    Help....Help... Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the …
  7. Alg 2

    Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the amount of money …
  8. Interest

    Jim opens a savings account with a deposit of $10,000. If the account has an annual interest rate of 6%, compounded quarterly, how much is in the account after one year?
  9. math

    Phillip opened a savings account with an annual interest rate of 8% and an initial deposit of $3500. If his interest is compounded quarterly, how much is in Jeffrey’s account after 2 years?
  10. College Algebra

    Suppose an investment account is opened with an intial deposit of $12,000 earning 9.6% interest. Round all answers to the nearest dollar. a. How much will the account be worth after 20 years if it is compounded monthly?

More Similar Questions