2000 dollars is invested in a bank account at an interestrate of 9 per cent per

Question

2000 dollars is invested in a bank account at an interestrate of 9 per cent per year, find the amount in the bank after 14years if interest is compounded annually.
Find theamount in the bank after 14 years if interest is compoundedquaterly ________??
Find theamount in the bank after 14 years if interest is compoundedmonthly ________??

Finally, find the amount in the bank after 14 years if interest iscompounded continuously _______??
Find theamount in the bank after 14 years if interest is compoundedquaterly ________??
Find theamount in the bank after 14 years if interest is compoundedmonthly ________??

Finally, find the amount in the bank after 14 years if interest iscompounded continuously _______??

Explanation / Answer

The Equation is simpler than that. The form for A,B,C is the following: Amount = (Invested money)(1+(cents)/(times compounded))^(timespan) Try the following. a)Amount=2000(1+0.09)14 b)Amount=2000(1+0.09/4)(14*4) c)Amount=2000(1+0.09/12)(14*12) d) Since it is compounded continuously      Amount=2000e(0.09*14) Answers: a. 6683.45 b. 6953.05 c. 7017.77 d. 7050.84

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