Calculus with Applications (10th Edition)

Published by Pearson
ISBN 10: 0321749006
ISBN 13: 978-0-32174-900-0

Chapter 2 - Nonlinear Functions - Chapter Review - Review Exercises - Page 113: 9



Work Step by Step

If $P$ is the principal or present value, $r$ is the annual interest rate, $t$ is time in years, and $m$ is the number of compounding periods per year, Compound amount= $A=P(1+\displaystyle \frac{r}{m})^{tm}$ $....................................$ Here, P=2000, r=0.04, $tm=2\cdot 12=24,$ $A=2000(1+\displaystyle \frac{\fbox{$0.04$}}{12})^{24}.$ The statement is false.
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