Question

2. 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.

Answer 1

Answer:

Step-by-step explanation:

You have all the formulas, my dear, which I gave you for similar last 4 tasks.

P = $1500

r = 3.4% = 0.034 is annual interest rate.

t = 8 years.

1). $1966.62 after 8 years compounded quarterly

2), $1968.12 after 8 years compounded monthly

3). $1968.88 after 8 years compounded continuously