TOOMATHEMATICAL ASSOCIATION OF AMERICA Log Out rk ? mth1 22-23 ? hw10 ? 1 Proble

Question

TOOMATHEMATICAL ASSOCIATION OF AMERICA Log Out rk ? mth1 22-23 ? hw10 ? 1 Problem 1 P If 23500 dollars is invested at an interest rate o (a) Annual: Your answer is (b) Semiannual: Your answer is (c) Monthly Your answer is (d) Daily: r9 percent per year, find the value of the investment at the end of 5 years for the following compounding methods Your answer is (e) Continuousl Your answer is You can earn partial credit on this problem have attempted this problem 0 times. set is closed. ail et 04/02/2018 at 06:40pm EDT

Explanation / Answer

P = 23500

r = 9%

time = 5 years

a) annual

A = 23500 ( 1 + .09)^5

A = 36157.66

b) semiannual

A = 23500 ( 1+ .09/2 )^5*2

A = 36494.78

c) monthly

A = 23500 ( 1+ .09/12 )^5*12

A = 36793.50

d) daily

A= 23500 ( 1+ .09/365 )^5*365

A = 36853.29

e) continuously

A = 23500 e^(.09 * 5 )

A = 36855.34

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.