Answer-
18
Explanation-
THEY USED PROCESS OF MULTIPLICATION SO THAT BY 2, BUT THEN DIVIDE 36 BY 2.
Answer:
$1,161.83
1.51%
Step-by-step explanation:
Continuously compounded interest is:
A = Pe^(rt)
where A is the final amount,
P is the initial amount,
r is the rate per time,
and t is time.
Given P = 1000, r = 0.015, and t = 10:
A = 1000e^(0.015 × 10)
A = 1000e^(0.15)
A = 1161.83
The effective annual yield is the annually compounded rate needed to have the same yield after the same time. For continuously compounded interest, he equation for effective annual yield is:
R = -1 + e^r
R = -1 + e^0.015
R = 0.0151
The effective annual yield is 1.51%.
You can set up a ratio problem
take what you know and set it equal to what you don't know
4/6 = r/15
Cross multiply and get:
60 = 6r
divide by 6
r = 10
