Explanation is in a file
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NEED HELP ASAP IM LOST AND I NEED TO TURN THIS IN
2 answers:
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Answer:
0.31 yr
Step-by-step explanation:
The formula for interest compounded continuously is
FV = future value, and
PV = present value
If FV is twice the PV, we can calculate the doubling time, t
1. Brianna's doubling time
2. Adam's doubling time
The formula for interest compounded periodically is
where
n = the number of payments per year
If FV is twice the PV, we can calculate the doubling time.
3. Brianna's doubling time vs Adam's
10.663 - 10.355 = 0.31 yr
It would take 0.31 yr longer for Brianna's money to double than Adam's.