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What is the balance of Kristen’s $3000 after 8 years?

What is the balance of Kristen’s $3000 after 8 years?

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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What is the balance of Kristen’s $3000 after 8 years?
Mrs.Galicia gave her sisters $3000 each to invest for future higher education plans. The investment will last 8 years. The table below shows what each sister did with their investment and how it changed over the course of the 8 years: Child Performance of Investments Over the Course of the Competition Michelle $2000 earned 3.5% annual interest compounded monthly $1000 grew, compounded continuously at rate of 1.8% annualy $2500 earned 1.2% annual interest compounded quarterly Kristen $500 increase in value at a rate of 2.25% compounded quarterly Gabriella $3000 grew, compounded continuously at rate of 2.2% annually Judy $1050 earned exponentially at a rate of 2.5% annually $1950 earned 2.8% annual interest compounded biannually (twice a year)
Transcribed Image Text:Mrs.Galicia gave her sisters $3000 each to invest for future higher education plans. The investment will last 8 years. The table below shows what each sister did with their investment and how it changed over the course of the 8 years: Child Performance of Investments Over the Course of the Competition Michelle $2000 earned 3.5% annual interest compounded monthly $1000 grew, compounded continuously at rate of 1.8% annualy $2500 earned 1.2% annual interest compounded quarterly Kristen $500 increase in value at a rate of 2.25% compounded quarterly Gabriella $3000 grew, compounded continuously at rate of 2.2% annually Judy $1050 earned exponentially at a rate of 2.5% annually $1950 earned 2.8% annual interest compounded biannually (twice a year)
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