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Question

I'm doing a group project and I got different answers from every1 else and i wanted to know if its right..

Suppose you deposit $20,000 for 3 years at a rate of 8%.
a) Calculate the return (A) if the bank compounds annually (n = 1). $25,194.24


Calculate the return (A) if the bank compounds quarterly (n = 4). Round your answer to the hundredth's place. i got $25,364.84

Calculate the return (A) if the bank compounds monthly (n = 12). Round your answer to the hundredth's place..i got $25,404.74


Calculate the return (A) if the bank compounds daily (n = 365). Round your answer to the hundredth's place. i got $25,404.74


If a bank compounds continuous, then the formula becomes simpler, that is A=P(1+r/n)^n/t
where e is a constant and equals approximately 2.7183. Calculate A with continuous compounding. Round your answer to the hundredth's place. i got $25,424.98

Answer 1

A = P(1 + i)^n

1.
A = 20000(1 + 0.08)^3

A = $25,194.24 (You and I agree.)

2.
A = 20000(1 + 0.08/4)^(12)

A = $25,364.84 (You and I agree.)

3.
A = 20000(1 + 0.08/12)^(36)

A = $25,404.74 (You and I agree.)

4.
A = 20000(1 + 0.08/365)^(1095)

A = $25,424.31 (We are different.)

5.
A = 20000(e)^(it)

A = 20000(e)^(0.08*3)

A = $25,424.98 (We agree.)

(You did a good job, the one where we disagree appears to be a typographical error. The secret to these compound interest problems is to keep the interest rate and the number of periods compatible, which you did quite well.)
.

Answer 2

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