Asked by Adam

A bank account was opened with a deposit of $2750 at an APR of 3.5% compounded one of the following ways. Find the amount in this account after 6 years with compounding of:

(round answers to nearest 100th)

annually: $

semi-annually: $

quarterly: $

monthly: $

weekly: $

daily: $

1000 times a year: $

10,000 times a year: $
Answered by Reiny
I will do one of them for you, you do the others

Quarterly:

i = .035/4 = .00875
n = 6(4) = 24

amount = P(1 + i)^n
= 2750(1.00875)^24
= $ 3389.52
Answered by werg
Correct... If you look closely, you can also find the formula that "Reiny" uses, which is the key to solving the problems you have.
Answered by Adam
Okay so for weekly and daily, im not getting an answer
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