asked 145k views
1 vote
Tommy opens a bank account with an initial amount of $650. The account has an annual

interest rate of 3.5%. What will the account balance (principle+interest) be after 8 years if
the account is compounded:
a) annually?
b) quarterly?
c) weekly?
d) daily?
e) continuously?

asked
User Soth
by
8.0k points

1 Answer

7 votes

Annually: $822.49

Quarterly: $842.67

Weekly: $849.01

Daily: $850.98

Continuously: $853.39

answered
User Jcarlosweb
by
8.4k points

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