Can someone pls help me with this?
2 answers:
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Answer:
3.045%.
Step-by-step explanation:
We are asked to find the corresponding effective interest rate for 3% per year compounded continuously.
We will use effective interest formula to solve our given problem.
, where,
r = Effective interest rate,
e = Mathematical constant,
r = Interest rate in decimal form.
Let us convert given interest rate in decimal form.
Substitute values:
Convert into percentage:
Therefore, the corresponding interest rate would be 3.045%.
Answer:
h = (100x) / (3p)
Step-by-step explanation:
where,
I is the interest which is given by x
P is the principal amount which is given by p
R is the rate which is given 3% and
h is the time so,