Question
Compound interest is an example of exponential growth. A=P(1+r/n)^nt
A = the Response area
P = the Response area (the initial deposit)
r = the annual Response area rate (expressed as a Response area)
n = the number of Response area interest is compounded per year
t = the time in Response area
A = the Response area
P = the Response area (the initial deposit)
r = the annual Response area rate (expressed as a Response area)
n = the number of Response area interest is compounded per year
t = the time in Response area
Answers
GPT 3.5
years
As time goes on, the interest earned on the initial deposit is added to the principal balance, resulting in a larger amount of interest earned in subsequent periods. This compounding effect leads to exponential growth in the total amount in the account.
As time goes on, the interest earned on the initial deposit is added to the principal balance, resulting in a larger amount of interest earned in subsequent periods. This compounding effect leads to exponential growth in the total amount in the account.