The average fine for entering a national Forest wilderness without a permit increased from $65 to $78. What rate of increase is
2 answers:
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Answer:
$0.95 more.
Step-by-step explanation:
The principal of $500, when invested at APR of 3% for 5 years compounded annually will become
dollars.
Again, the principal of $500, when invested at APR of 3% for 5 years compounded quarterly will become
dollars.
Therefore, Steven will have $(580.59 - 579.64) = $0.95 more money in his account due to switching from annually to quarterly compounding. (Answer)