Determine the balance A for P dollars invested at rate R compounded N times per year for T years. Round each amount to the nearest cent

P= $1000, R=3% t=10 years

N=A
2=?
4=?
12=?
365=?
Compounded continuously=?

1 answer

A = Po(1+r)^c

r = 0.03/n = 0.03/2 = 0.015 = Semi-annual % rate.

c = 2Comp./yr. * 10yrs. = 20 Compounding periods(N*t).

A = 1000(1+0.015)^20 = $1346.86.

Repeat for the remaining values of N.
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