Question

If 2400 dollars is invested in an account for 10 years. Find the value of the investment at the end of 10 years if the interest is:

(a) 6.2% compounded annually: $

(b) 6.2% compounded semiannually: $

(a) 6.2% compounded quarterly: $

(b) 6.2% compounded monthly: $

(a) 6.2% compounded daily (ignore leap years): $


Round answers to the nearest cent.

Answer 1

(a) 6.2% compounded annually: $3242.94

(b) 6.2% compounded semiannually: $3256.38

(a) 6.2% compounded quarterly: $3260.02

(b) 6.2% compounded monthly: $3262.36

(a) 6.2% compounded daily (ignore leap years): $3262.68