Suppose that $4500 is invested in an account that pays 2% annually and is left for 4 years. 1) How much will be in the account if interest is compunded quarterly? 2) How much will be in the account if interest is compouded continuously?
Suppose that $4500 is invested in an account that pays 2% annually and is left for 4 years. 1) How much will be in the account if interest is compunded quarterly? 2) How much will be in the account if interest is compouded continuously?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Suppose that $4500 is invested in an account that pays 2% annually and is left for 4 years.
1) How much will be in the account if interest is compunded quarterly?
2) How much will be in the account if interest is compouded continuously?
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