Asked by sazoor
Noah wants to put $1,000 in a savings account with a 1.5% annual interest rate. How much more money will he have after one year if it is compounded monthly versus no compounding?
Answers
Answered by
oobleck
simple interest: 1000(1 + 0.015)
compounded: 1000(1 + 0.015/12)^12
now just subtract the results
compounded: 1000(1 + 0.015/12)^12
now just subtract the results
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