a principal of 6500 is invested in an account paying an annual rate of 5 . find the amount after 3 years if the account is compounded semiannually, quarterly, and monthly
The formula: Accumulated amount=p(1+i/m)^mn
p=principal amount
I=interest
M- if it's semiannual: m=2
Quarterly: m=4
Monthly: m=12
n: number of years.. In your case it's 3
Glad to help
