Occasionally a savings account may actually pay interest compounded continuously. For each deposit, find the interest earned if interest is compounded (a) semiannually, (b) quarter (d) daily, and (e) continuously. Use 1 year=365 days. Principal $1045 Rate 1.6% Time 3 years a) The interest earned if interest is compounded semiannually is $51.17. Do not round until the final answer. Then round to the nearest cent as needed.) b) The interest earned if interest is compounded quarterly is $51.28. Do not round until the final answer. Then round to the nearest cent as needed.) c) The interest earned if interest is compounded monthly is $51.35. Do not round until the final answer. Then round to the nearest cent as needed.) d) The interest earned if interest is compounded daily is Do not round until the final answer. Then round to the nearest cent as needed.) *

Occasionally a savings account may actually pay interest compounded continuously. For each deposit, find the interest earned if interest is compounded (a) semiannually, (b) quarter (d) daily, and (e) continuously. Use 1 year=365 days. Principal $1045 Rate 1.6% Time 3 years a) The interest earned if interest is compounded semiannually is $51.17. Do not round until the final answer. Then round to the nearest cent as needed.) b) The interest earned if interest is compounded quarterly is $51.28. Do not round until the final answer. Then round to the nearest cent as needed.) c) The interest earned if interest is compounded monthly is $51.35. Do not round until the final answer. Then round to the nearest cent as needed.) d) The interest earned if interest is compounded daily is Do not round until the final answer. Then round to the nearest cent as needed.) *

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

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