Jenny invests $1,599 in a retirement account with a fixed annual interest rate of 9% compounded continuously. How long will it t
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Answer:
Compound interest
Step-by-step explanation:
Compound interest is a type of interest that is earned on both the principal plus any previous interest earned.
This ultimately implies that, the interest are compounded either on a daily, weekly, quarterly, monthly or annual basis.
Mathematically, compound interest is given by the formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.