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
2 answers
hourly????
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
amount = 700(1 + .08/4)^(2*4) = 820.16
for hourly compounding (????)
amount = 700(1 + .08/(365*24))^(2*365*24)
821.46
2 answers