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1 answer:
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The effective rate is calculated in the following way:
where r is the effective annual rate, i the interest rate, and n the number of compounding periods per year (for example, 12 for monthly compounding).
our compounding period is 2 since the bank pays us semiannually(two times per year) and our interest rate is 8%
so lets plug in numbers:
where r is the effective annual rate, i the interest rate, and n the number of compounding periods per year (for example, 12 for monthly compounding).
our compounding period is 2 since the bank pays us semiannually(two times per year) and our interest rate is 8%
so lets plug in numbers:
Answer:
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Step-by-step explanation:
We can differentiate P(t) respect to t with usual rules (quotient, exponential, and sum) and rearrange the result. First, note that
Now, differentiate to obtain
To obtain the required form, extract a factor in both the numerator and denominator: