Question

You decide to invest a total of $1500 in a money market account at an annual interest rate of 3.4%.

Find the balance in the account after 8 years if it is compounded quarterly.



Find the balance in the account after 8 years if it is compounded monthly.



Find the balance in the account after 8 years if it is compounded continuously.

PLEASE SHOW WORK

Answer 1

Answer:

1) $1966.62

2) $1968.12

3) $1968.88

Step-by-step explanation:

1) 1500 × (1 + .034/4)³²

= 1966.618592

2) 1500 × (1 + .034/12)⁹⁶

= 1968.123402

3) 1500 × (e^(8×0.0314))

= 1968.880502

Answer 2

Answer:

1968.880502

Step-by-step explanation: