Suppose you deposit $10,000 in an account for 8 years at the annual interest rate 3%.
a. What would be the ending account balance if the interest is compounded by monthly? $81,573.07
b. What would be the ending account balance if the interest is compounded daily?
c. What would be the ending account balance if the interest is continuously compounded?
d. What are the graphs of (a), (b) and (c)?
e. Are these three answers similar? Why or not why?