Asked by Sandra

What is the balance if principal is $4,800, for 5 years at yearly rate of 6%, and the compounded interest is 4 times a year?
Answered by Damon
5 years = 20 periods
.06/4 = .015
1.015^20 = 1.36855007
times 4,800 = $6464.90
Answered by Sandra
Thank you. For the same question what is the answer if the n=∞ [compounded continuously]?
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