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Exponential & Log Functions - Exercise 2 - Using The Compound Interest Formula

Use the compound interest formula below to find the total amount of money A in an account where P = $2000 is deposited at 3% interest (r=0.03) for t=4 years when interest is compounded  semiannually (n=2), monthly (n=12), and daily (n=365).  Just substitute the correct values in the formula and evaluate the three different answers. No Further Justification is Needed.

STATEMENT JUSTIFICATION

P = 2000, r=0.03, t=4, n=2, n=12, n=365

 

Given

 

 

 

Given

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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