Asked by Alex
What is the effective interest rate corresponding to 3.75% compounded continuously? How do I find this? I'm thinking about using the formula A = P(1+r/t)^t ??
Answers
Answered by
Steve
you need to find r such that
(1+r) = e^0.0375
r = 0.0382 or 3.82%
(1+r) = e^0.0375
r = 0.0382 or 3.82%
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