Compound interest...?

1- Find the amount of money in an account after 6 years, 4 months if $2000 is deposited at 7% compounded monthly.

2- If $75,000 is deposited in a bank paying interest at an annual rate of 8% compounded continuously, how much will be in the account after 3 years and 9 months? (Assume no withdrawals are made)

3- Assume that you deposit $1000 at 8% compounded annually. How long will it take for your money to be tripled?

Compound interest...?military loans

P=2000

r=0.07

n=6 years, 4 months

compounded 12 times a year

Amount=(1+r/12)^(76)

=(1+0.07/12)^76

You%26#039;ll have to evaluate this expresion using your calculator. Programs and calculators assume that the money is withdrawn at the completion of exactly 6 years, but it is possible to evaluate this expression using your calculator.

2)Amount=75000e^0.08t

75225.34

3)3000=1000(1+0.08)^n

solve for n=14.27