Concept explainers
(a)
The last amount after 8 years of an initial amount of $15,000, if interest is compounded annually and rate is given as 5%.
Given:
Principal amount P as $15,000, rate of interest r as 5% or 0.05. And as interest is compounded annually, so clearly here
(b)
To determine:
The last amount after 8 years of an initial amount of $15,000, if interest is compounded quarterly and rate is given as 5%.
Given:
Principal amount P as $15000, rate of interest r as 5% or 0.05 and as interest is compounded quarterly, so clearly
(c)
The last amount after 8 years of an initial amount of $15,000, if interest is compounded monthly and rate is given as 5%.
Given:
Principal amount P as $15000, rate of interest r as 5% or 0.05 and as interest is compounded monthly, so clearly
(d)
The last amount after 8 years of an initial amount of $15,000, if interest is compounded daily and rate is given as 5%.
Given:
Principal amount P as $15000, rate of interest r as 5% or 0.05 and as interest is compounded daily, so clearly
(e)
The last amount after 8 years of an initial amount of $15,000, if interest is compounded continuously and rate is given as 5%.
Given:
Principal amount P as $15000, rate of interest r as 5% or 0.05 and as interest is compounded continuously, so clearly
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