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:

Question

(round answers to nearest 100th)

annually: $

semi-annually: $

quarterly: $

monthly: $

weekly: $

daily: $

1000 times a year: $

10,000 times a year: $

Answer 1

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

Answer 2

Correct... If you look closely, you can also find the formula that "Reiny" uses, which is the key to solving the problems you have.

Answer 3

Okay so for weekly and daily, im not getting an answer