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3 years ago

13. How much money will 8820 Vield in investa

Mathematics

1 answer:

zavuch27 [327]3 years ago

7 0

9514 1404 393

Answer:

10,247.38 from continuous compounding
10,228.50 from semiannual compounding
continuous compounding earns more

Step-by-step explanation:

The formula for the account balance from continuously compounded interest at annual rate r for t years is ...

A = Pe^(rt) . . . . P = principal invested

A = 8820e^(0.05·3) ≈ 10,247.38 . . . continuous compounding

The formula for the account balance from interest compounded semiannually at annual rate r for t years is ...

A = P(1 +r/2)^(2t)

A = 8820(1 +.05/2)^(2·3) ≈ 10,228.50 . . . semiannual compounding

Continuous compounding earns more.

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