A bank representative studies compound interest, so she can better serve customers. She analyses what happens when $2,000 earns

Question

2 years ago

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A bank representative studies compound interest, so she can better serve customers. She analyses what happens when $2,000 earns

interest several different ways at a rate of 2% for 3 years.
a. Find the interest if it is computed using simple interest
b. Find the interest if it is compounded annually.
c Find the interest if it is compounded semi-annually.
d. Find the interest if it is compounded quarterly e. Find the interest if it is compounded monthly.
f. Find the interest if it is compounded daily
g. Find the interest if it is compounded hourly. h. Find the interest if it is compounded every minute.
i. Find the interest if it is compounded continuously.
j. What is the difference in total interest if computed using simple interest or if compounded continuously?

Mathematics

1 answer:

OlgaM077 [116] · Answer 1 · 2023-06-25T06:00:03+03:00

Answer:

Given that a bank representative studies compound interest, so she can better serve customers. She analyzes what happens when $2,000 earns interest several different ways at a rate of 2% for 3 years.a) the interest if it is computed using simple interest. 12.00= dollarsb) the interest if it is compounded annually.= dollarsc) the interest if it is compounded semiannually=d) the interest if it is compounded quarterly.=e) the interest if it is compounded monthly.=