← Occasionally a savings account may actually pay interest compounded continuously. For each deposit, find the interest earned if interest is compounded (a) semiannually. (b) quarterly, (c) monthly, (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 $. (Do not round until the final answer. Then pund to the nearest cent as needed.) (b) The interest eared if interest is compounded quarterly is $. (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 $. (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.) (e) The interest earned if interest is compounded continuously 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) quarterly, (c) monthly, (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 $. (Do not round until the final answer. Then pund to the nearest cent as needed.) (b) The interest eared if interest is compounded quarterly is $. (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 $. (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.) (e) The interest earned if interest is compounded continuously is $. (Do not round until the final answer. Then round to the nearest cent as needed.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![K
3
Occasionally a savings account may actually pay interest compounded continuously. For each deposit, find the interest earned if interest is compounded (a) semiannually, (b) quarterly, (c) monthly,
(d) daily, and (e) continuously. Use 1 year = 365 days.
Principal
$1045
(a) The interest earned if interest is compounded semiannually is $.
(Do not round until the final answer. Then pund to the nearest cent as needed.)
(b) The interest earned if interest is compounded quarterly is $.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Rate
1.6%
(c) The interest earned if interest is compounded monthly is $.
(Do not round until the final answer. Then round to the nearest cent as needed.).
E
(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.).
Time
3 years
(e) The interest earned if interest is compounded continuously is $.
(Do not round until the final answer. Then round to the nearest cent as needed.)
80
$
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Transcribed Image Text:K
3
Occasionally a savings account may actually pay interest compounded continuously. For each deposit, find the interest earned if interest is compounded (a) semiannually, (b) quarterly, (c) monthly,
(d) daily, and (e) continuously. Use 1 year = 365 days.
Principal
$1045
(a) The interest earned if interest is compounded semiannually is $.
(Do not round until the final answer. Then pund to the nearest cent as needed.)
(b) The interest earned if interest is compounded quarterly is $.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Rate
1.6%
(c) The interest earned if interest is compounded monthly is $.
(Do not round until the final answer. Then round to the nearest cent as needed.).
E
(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.).
Time
3 years
(e) The interest earned if interest is compounded continuously is $.
(Do not round until the final answer. Then round to the nearest cent as needed.)
80
$
4
R
%
5
&
F5
T
6
MacBook Air
F6
Y
&
N
7
F7
U
* 00
8
-
DII
FB
1
(
9
K
F9
O
)
O
F10
P
F11
+
{
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Next
F12
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delete
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