You have $25,000 in an investment account today. How much will be in the account in 30 years if the account earns (a) 8% per year, (b) 8% compounded semiannually, (c) 8% compounded quarterly, (d) 8% compounded monthly, and (e) 8% compounded daily? Comment on the effect of more frequent compounding.

Answer rating: 100% (QA)

a 8 per year Initial amount 25000 Annual interest rate 8 Number of years 30 ... View the full answer