Wiki User
∙ 13y agoThere is no such thing as "compounded continuously". No matter how short
it may be, the compounding interval is a definite amount of time and no less.
Wiki User
∙ 13y agoIt is 14.9 percent.
balls
6,209 compounded at 5.2% for 5 years yields 8,000
y = ln(3)/ln(1.0575) = 19.65 years, approx.
Matt will have $2,298.65.
It is 14.9 percent.
balls
I suspect that it will be 6.3!
6,209 compounded at 5.2% for 5 years yields 8,000
8% compounded monthly is equivalent to an annual rate of approx 152% . 8.5% compounded six monthly is equivalent to "only" 17.72% so the first is clearly larger.
y = ln(3)/ln(1.0575) = 19.65 years, approx.
Matt will have $2,298.65.
11000*(1.045)^4=$13117.70stop cheating on your math homework
0.67 percent
3
It would be worth 428.24 if the interest was added on once each year. If the interest were to be compounded monthly rather than annually the value would be 447.67
The effective annual rate for a credit card that carries a 9.9% annual percentage rate (compounded daily) is 10.4%.