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(Solved): Need help with all three please Use the compound interest formula, \( A(t)=P\left(1+\frac{r}{n}\rig ...
Use the compound interest formula, \( A(t)=P\left(1+\frac{r}{n}\right)^{n t} \). An account is opened with an intial deposit of \( \$ 8,500 \) and earns \( 4.6 \% \) interest compounded semi-annually. Round all answers to the nearest dollar. a. What will the account be worth in 25 years? \$ \( b \). What if the interest were compounding monthly? \$ c. What if the interest were compounded daily (assume 365 days in a year)? \$
Expert Answer
We have, Initial deposit, P =$8,500 Rate of interest, r=4.6%=0.046[Converting percent to decimal] (a) To find the amount (A), interest is compounded s