Asked by john
suppose you invest 17000 at an annual interest rate of 3.9% compounded continuously? how much will u have in the account after 2.5 years?
Answers
Answered by
drwls
Whqt do you mean by compounding "continuously?
Daily? Every hour?
If there is daily compounding, the investment increases by a factor
[1 + (0.039/365])^365 = 1.039768 per year. After 2 1/2 years that factor becomes
1.039768)^2.5 = 1.102406
Multiply that by the initial 17,000 and you have $18,740.90
Daily? Every hour?
If there is daily compounding, the investment increases by a factor
[1 + (0.039/365])^365 = 1.039768 per year. After 2 1/2 years that factor becomes
1.039768)^2.5 = 1.102406
Multiply that by the initial 17,000 and you have $18,740.90
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.