Concept explainers
Compound Interest Consider a certificate of deposit that pays
(annual percentage rate) on an initial deposit of $1000. The balance A after 10 years is
(a) Use a graphing utility to graph A, where
(b) Use the zoom and trace features to estimate the balance for quarterly compounding and daily compounding.
(c) Use the zoom and trace features to estimate
A.
What do you think this limit represents? Explain your reasoning.
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CALCULUS: APPLIED APPROACH LOW COST MA
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