Use the compound interest formulas A = Pert and A = P(1 + ) to solve. Suppose that you have $11,000 to invest. Which investment
yields the greater return over 10 years: 6.25% compounded continuously or 6.3% compounded semiannually? Show your work
1 answer:
Answer:
Continuously
Step-by-step explanation:
Compounded continuously:
A = Pe^(rt)
A = 11,000 e^(0.0625 × 10)
A = 20,550.71
Compounded semiannually (twice per year):
A = P(1 + r)^t
A = 11,000 (1 + 0.063/2)^(2×10)
A = 11,000 (1 + 0.0315)^20
A = 20,453.96
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