If $6,000 is invested in a bank account at an interest rate of 9 per cent per year, find the amount in the bank after 5 years if interest is compounded annually, quarterly, monthly, and continuously.

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asked Dec 11, 2022 81.4k views

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If $6,000 is invested in a bank account at an interest rate of 9 per cent per year, find the amount in the bank after 5 years if interest is compounded annually, quarterly, monthly, and continuously.

Mathematics
college

Kirbuchi asked

by Kirbuchi

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Answer:

annual - $9,231.74

quarterly - $9,363.06

monthly - $9,394.09

continuously -$9,409.87

Explanation:

Niku answered Dec 15, 2022

by Niku

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