Compound Interest
- Author:
- Kara Babcock, shanlee
$5000 is invested at an interest rate of 3% p.a. Find the value of the investment after 5 years (to the nearest cent), if the interest is compounded:
a) Annually.
b) Semiannually.
c) Monthly.
d) Daily.
e) Hourly.
What do you notice about the rate of change in the investment value?