Continuous compounding is the mathematical limit that compound interest can reach.
It is the limit of the function A(1 + 1/n) ^ n as n approaches infinity. IN theory interest is added to the initial amount A every infinitesimally small instant.
The limit of (1 + 1/n)^n is the number e ( = 2.718281828 to 9 dec places).
Say we invest $1000 at daily compounding at yearly interest of 2 %. After 1 year the $1000 will increase to:-
1000 ( 1 + 0.02/365)^365 = $1020.20
with continuous compounding this will be
1000 * e^1 = $2718.28
Answer: The required expression will be
Step-by-step explanation:
Since we have given that
Amount that Liam has = $250
Amount that he and his classmates spent on present for their teacher =$p
Number of students in which $p will split = 24
According to question,
Amount that left to Liam is given by
Hence, the required expression will be
Answer:
529
Step-by-step explanation:
Total Cost= $0.20x+$42.00
Total Cost= $98.00
$98.00=<span>$0.20x+$42.00
Subtract $42.00 from each side of the equation
$56.00=$0.20x
Divide both sides by $0.20
x=280 miles
Zachary could drive a maximum of 280 miles per day that he rents the car. </span>
