2. You decide to invest a total of $1500 in a money market account at an annual interest rate of 3.4%. Find the balance in the

Question

2. You decide to invest a total of $1500 in a money market account at an annual interest rate of 3.4%.

Find the balance in the account after 8 years if it is compounded quarterly.

Find the balance in the account after 8 years if it is compounded monthly.

Find the balance in the account after 8 years if it is compounded continuously.

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Jade 1 month 2021-08-21T23:19:09+00:00 1 Answer 0 views 0

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    0
    2021-08-21T23:21:07+00:00

    Answer:

    Step-by-step explanation:

    You have all the formulas, my dear, which I gave you for similar last 4 tasks.

    P = $1500

    r = 3.4% = 0.034 is annual interest rate.

    t = 8 years.

    1). $1966.62 after 8 years compounded quarterly

    2), $1968.12 after 8 years compounded monthly

    3). $1968.88 after 8 years compounded continuously

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