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1.Find the amount in an account where $200 is invested at 3.5% compounded quarterly for a period of 3 years.

2.Find the amount in an account where $200 is invested at 3.5% compounded continuously for a period of 3 years.

Each answer must include the intermediate steps used to arrive at the answer.

Respuesta :

1.) Use the formula A=P(1+(r/n))^nt

n=4, because quarterly

t=3 years

r=.035 (3.5% as a decimal)

P=$200

A=200(1+(.035/4))^(4)(3)

A= $222.04

2.) The formula here is A=Pe^rt

P= $200

r=.035

t=3 years

A=200e^(.035)(3)

A= $222.14

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