If 2800 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) 3% compounded annually: $ (b) 3% compounded semiannually: $ (a) 3% compounded quarterly: $ (b) 3% compounded monthly: $ (a) 3% compounded daily (ignore leap years): $ Round answers to the nearest cent.
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03), n is the number of times that interest is compounded per year (1 for annually), and t is the time the money is invested for in years (10 years). Plugging these values into the formula, we get A = 2800(1 + 0.03/1)^(1*10) = 2800(1.03)^10 = $3754.96. Show more…
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