Assume that there are no deposits or withdrawals. An initial deposit of $4,000 grows at an annual rate of 6.5% for 5 years. Compare the final balances resulting from annual compounding and continuous compounding. (Round your answers to the nearest cent.) annual compounding =? continous compunding =?
Assume that there are no deposits or withdrawals. An initial deposit of $4,000 grows at an annual rate of 6.5% for 5 years. Compare the final balances resulting from annual compounding and continuous compounding. (Round your answers to the nearest cent.) annual compounding =? continous compunding =?
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Assume that there are no deposits or withdrawals.
An initial deposit of $4,000 grows at an annual rate of 6.5% for 5 years. Compare the final balances resulting from annual compounding and continuous compounding. (Round your answers to the nearest cent.)
annual compounding =?
continous compunding =?
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