Asked by Austin Krauss on Jun 21, 2024
Verified
Landry deposits $10,000 into an account that compounds interest continuously at a rate of 2.375%.How long will it take his money to grow to $11,000? Round your answer to the nearest tenth of a year.
Compounds Interest Continuously
A method of calculating interest where the interest earned is added to the principal so that the next interest calculation is on the sum of the principal plus previously earned interest.
- Estimate the future accumulation of savings with different compounding intervals.
- Evaluate the consequences of varying compounding schedules on the expansion of investment values.
Verified Answer
NA
Learning Objectives
- Estimate the future accumulation of savings with different compounding intervals.
- Evaluate the consequences of varying compounding schedules on the expansion of investment values.