1.find the amount in an account where $200 is invested at 3.5% compounded quarterly for a period of 3 years.

2.find the amount in an account where $200 is invested at 3.5% compounded continuously for a period of 3 years.

each answer must include the intermediate steps used to arrive at the answer.

Part 1 :

P = $200

r = 3.5% or 0.035

t = 3

n = 4

Compound interest formula =

=

=

=

= 222.04

So, money in the bank will be = 200+222.04 = $422.04

Part 2 :

P = $200

r = 3.5% or 0.035

t = 3

Continuous compound interest formula is =

A =

Putting e =  2.71828 we get.

A =

=

= 200*1.11071 = 222.14

Hence, amount in account after 3 years will be= 200+222.14 = $422.14

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