a)09.6/12=0.008
12000 x (1.008)^20x12=12000x(1.008)^240=
$81228.60
b)12000 x e^.096x20=12000 x e^1.92=$81851.50
Suppose an investment account is opened with an intial deposit of $12,000 earning 9.6% interest. Round all answers to the nearest dollar.
a. How much will the account be worth after 20 years if it is compounded monthly? $
b. How much will the account be worth after 20 years if it is compounded continuously? $
1 answer
4 answers