If 3000 dollars is invested in a bank account at an interest rate of 6 per cent per year, find the amount in the bank after 12 years if interest is compounded annually
Find the amount in the bank after 12 years if interest is compounded quaterly
Find the amount in the bank after 12 years if interest is compounded monthly
Finally, find the amount in the bank after 12 years if interest is compounded continuously
 👍
 👎
 👁
 ℹ️
 🚩
1 answer

12 years 3000 *1.06^12
12*4 = 48 quarters
.06/4 = .015
so
3000 * 1.015^48
12*12 = 144 months
.06/12 = .005
3000 * 1.005^144
dx/dt = .06 x
dx/x = .06 dt
ln x = .06 t
x = Xo e^.06 t
x = 3000 e^(.06*12) 👍
 👎
 ℹ️
 🚩
Answer this Question
Related Questions

math
how much should be invested now at an interest rate of 6.5% per year, compounded continuously, to have $3000 in 4 years? do not round any intermediate computations and round answer to nearest cent.

math
Please someone show me how to work this one out? Suppose Caroline is a cinephile and buys only movie tickets. Caroline deposits $3000 in a bank acct that pays an annual interest rate of 20%. You can assume that this interest rate is fixedthat is, it

College Business
You deposit $3000 each year into an account earning 7% interest compounded annually. How much will you have in the account in 35 years?

math
a woman puts $580 into a savings account for one year. the rate of interest on the account was 6 1/2%. How much interest for the year in dollars and cents?

Math
Are these correct ?. My grade counts on this and I'm not the best at math. I. Interest is ____?. (1pt) a. The amount of money your bank pays you for the use of only your money. b. The amount you might pay for a loan. * c. A percentage rate. d. All of the

Precalc
Nathaniel invested $2,900 in an account paying an interest rate of 5.4% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

Math
When Frederick was born, his grandparents gave hima a gift of $2000, which was invested at a simple interest rate of 5% per year. How much money will Frederick have when he can collect the monet at the age of 18? ( Assume no money is added to the account

algebra
You deposit $3000 in an account earning 7% interest compounded continuously. The amount of money in the account after years is given by A(t)=3000 e^(0.07 t) . How much will you have in the account in 5 years? $ Round your answer to 2 decimal places. How

algebra
A total of $6200 is deposited into two simple interest accounts. On one account the annual simple interest rate is 2%, and on the second account the annual simple interest rate is 4%. The amount of interest earned for 1 year was $148. How much was invested

differential equation
If P(t) is the amount of dollars in a savings bank account that pays a yearly interest rate of r% compounded continuously ,then dP/dt=(r/100)(P) , t in years . Assume the interest is 5% annually ,P(0)=$1000 ,and no monies are withdrawn a)how much will be

algebra
Dilbert invests a total of $14,000 in two accounts paying 9% and 15% simple interest, respectively. How much was invested in each account if, after one year, the total interest was $1,350.00. A) Enter an equation that uses the information as it is given

Math
You invested $14,000 in two accounts paying 5% and 9% annual interest, respectively. If the total interest earned for the year was $820, how much was invested at each rate?

College Algebra
The combined yearly interest for x dollars invested at 12% and 30,000  x dollars invested at 9% is

College alerbra
Scott invested a total of $9500 at two separate banks. One bank pays simple interest of 11% per year while the other pays simple interest at a rate of 9% per year. If Scott earned $973.00 in interest during a single year, how much did he deposit in each

Math
JoAnne is depositing money into a bank account. After 3 months there is $150 in the account. After 6 months, there is $300 in the account. Find the constant rate of change of the account.

algebra
Last year, Susan had 30,000 to invest. She invested some of it in an account that paid 8% simple interest per year, and she invested the rest in an account that paid 7% simple interest per year. After one year, she received a total of $2150 in interest.

Algebra
Use the compound interest formula $18,000 is invested in an account paying 3% interest compounded quarterly. Find the amount of money in the account at the end of 10 years. (Show values substituted in the formula, and calculate the numerical amount.)

math
Kelsey deposited $3,600 in a bank account with an annual interest rate of 4.25%. How much interest was earned in 5 years?

algebra
You invested $27,000 in two accounts paying 2% and 3% annual interest, respectively.If the total interest earned for the year was $ 800, how much was invested at each rate?

magh
suppose you put money into teo different bank accounts. In account #1 you deposit $500 and you will be earning 6% interest compounded quarterly. in account #2 you deposit $600 and you will be earning 5% interest compounded annually. Which statement below
Still need help?
You can ask a new question or browse existing questions.