We will use the compound interest formula for all cases except for continuous compounding:

Where:

• A = Accumulated value
• P = Principal amount = GHS 2000
• r= Annual interest rate = 16% = 0.16
• $n$ = Number of compounding periods per year
• $t$ = Time in years = 5

(i) Quarterly Compounding:

For quarterly compounding, n=4

(ii) Monthly Compounding:

For monthly compounding, n=12

(iii) Annually Compounding:

For annual compounding, n=1

(iv) Semi-Annually Compounding:

For semi-annual compounding, n=2

(v) Continuous Compounding:

For continuous compounding, we use the formula:

Where $e$ is Euler’s number (approximately 2.71828):