A bank offers 5% interest compounded continuously in a savings account. Determine (a) the amount of interest earned in 1 year on a deposit of P 10,000; and (b) the equivalent rate if the compounding were done annually.
A bank offers 5% interest compounded continuously in a savings account. Determine (a) the amount of interest earned in 1 year on a deposit of P 10,000; and (b) the equivalent rate if the compounding were done annually.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 18T
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