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23 January, 14:42

How much more would be in

an account that has interest

compounded continuously

rather than annually if the

initial deposit is $500 and the

yearly interest rate is 7% for

10 years?

+1
Answers (2)
  1. 23 January, 15:01
    0
    Answer: $23.3

    Step-by-step explanation:

    Compounded Continuously:

    F=500e^0.07*10 = $1006.88

    Compounded Annually:

    F=500 (1+0.07/1) ^1*10 = $983.58

    1006.88 - 983.58 = 23.3
  2. 23 January, 15:46
    0
    Answer: $1006.88

    Step-by-step explanation:

    A = (1+r/n) ^nt
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