Use the compound interest formulas

A=P1+rnnt

and

A=Pert

to solve the problem given. Round answers to the nearest cent.

Find the accumulated value of an investment of $15,000 for 4years at an interest rate of 5% if the money is

a. compounded semiannually;

b.compounded quarterly;

c.compounded monthly; d. compounded continuously.

Part 1

a. What is the accumulated value if the money is compounded semiannually?

(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)

Part 2

b.What is the accumulated value if the money is compounded quarterly?

$enter your response here

(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)

Part 3

c. What is the accumulated value if the money is compounded monthly?

$enter your response here

(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)

Part 4

d. What is the accumulated value if the money is compounded continuously?

(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)