Tamira invests $5,000 in an account that pays 4% annual interest. How much will there be in the account after 3 years if the interest is compounded annually, semi-annually, quarterly, or monthly?

Step-by-step explanation:

For an initial amount P invested at compound interest for a number of years, n compounded at a rate r% periodically with period, k:

Amount

For the given problem:

P=$5,000; r=4%-=0.04, n=3 years

Annually

k=1

Amount

Semi-Annually

k=2

Amount

Quarterly

k=4

Amount

Monthly

k=12

Amount

expression #3 is not equivalent. the others are.

a .4y4

hope this !