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Ronch [10]
3 years ago
9

If Free Yer Assets Bank (FYAB) will give you 0.25% compounded quarterly and I.M.A.Q.T.π bank will give you 0.23% interest compou

nded continuously, which is offering the better deal (Hint: Show how long it takes to double an investment).
Mathematics
1 answer:
ivann1987 [24]3 years ago
7 0

Answer:

FYAB gives a better deal.

Step-by-step explanation:

Compound interest:

A = P(1 + \dfrac{r}{n})^{nt}

Continuously compounded interest:

A = Pe^{rt}

For the quarterly compounded interest, r = 0.25%, and n = 4.

2P = P(1 + \dfrac{0.0025}{4})^{4t}

1.000625^{4t} = 2

\log (1.000625^{4t}) = \log 2

4t(\log 1.000625) = \log 2

t = \dfrac{\log 2}{4\log 1.000625}

t = 277

For the continuously compounded interest, r =0.23%

A = Pe^{rt}

2P = Pe^{0.0023t}

2 = e^{0.0023t}

\ln 2 = \ln e^{0.0023t}

\ln 2 = 0.0023t

t = \dfrac {\ln 2}{0.0023}

t = 301

The quarterly compounded doubles in 277 years.

The continuously compounded doubles in 301 years.

Answer: FYAB gives a better deal.

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