Asked by britteny

If $700 is borrowed at 8% interest, find the amounts due at the end of 2 years if the interest is compounded as follows.

i know how to solve this problem but i don't know what to plug in for n in the formula for finding the amount quarterly and hourly. plz help
Answered by Ms. Sue
hourly????
Answered by Reiny
for quarterly compounding

amount = 700(1 + .08/4)^(2*4) = 820.16

for hourly compounding (????)

amount = 700(1 + .08/(365*24))^(2*365*24)
821.46
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