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$\$ 1475 dollars is deposited into an account for 12 years. Determine the accumulation if interest is $4.87 \%$ compounded (a) monthly, (b) daily, (c) continuously.

(a) 2,642.90(b) 2,645.92(c) 2,646.02

Algebra

Chapter 4

Exponential and Logarithmic Functions

Section 3

The Number $e$

Campbell University

Harvey Mudd College

Baylor University

Idaho State University

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eso. This problem is getting you to understand the compound interest formula and being familiar with your calculator. If you have a direction that asked you to compound continuously, you're going to do this. Perform ULA. Sometimes they throw in a in front that's just saying that ending balance. So in this problem, when we start with doing monthly, we're starting with the principle of 14 75. So that's your P value and then open up your parentheses. One plus just change your rate to a desk. Most of 4.87 becomes 0.4 87 12 months in a year. So m s 12 to the 12 times 12 power because there's 12 years. So as you type that in, you might need to use parentheses as your exponents because your calculator does the order of operations 26 42 90. So you make a good chunk of change from 14 75 to that. It didn't take you 12 years. You know it's not that much anyway. It was you moved daily. All of the numbers are the same. You know. It's still principal. 14 75. Still, an interest rate of 4.87 but now you're compounding 365 times a year, 365 times 12 power and again, you might need to use parentheses. In your exponents you get 26 45 92 26 45 92. So a few dollars more in this band of 12 years and then continuously is a completely different formula. The number is still 14 75 but now it's E that 2.78 number 0.487 to the 12th power on you get an answer that's a little bit bigger than daily 26 46 in two cents. So 10, 10 pennies more. Excuse me, that one So a. B. C.

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