Suppose you have $13,000 to invest. Which of the two rates would yield the larger amount in 4 years: 6% compounded monthly or 5.93% compounded continuously?
Suppose you have $13,000 to invest. Which of the two rates would yield the larger amount in 4 years: 6% compounded monthly or 5.93% compounded continuously?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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Which of the two rates would yield the larger amount in 4 years?
5.93% compounded continuously or 6% compound monthly ?
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