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11 Jun 2020
Compound Interest
(a) A deposit of $550 is made in a savings account that pays an annual interest rate of 1% compounded monthly. What is the balance after 11 years?
(b) How large a deposit, at 5% interest compounded continuously, must be made to obtain a balance of $10,000 in 15 years?
(c) A deposit earns interest at a rate of r percent compounded continuously and doubles in value in 10 years. Find r.
Compound Interest
(a) A deposit of $550 is made in a savings account that pays an annual interest rate of 1% compounded monthly. What is the balance after 11 years?
(b) How large a deposit, at 5% interest compounded continuously, must be made to obtain a balance of $10,000 in 15 years?
(c) A deposit earns interest at a rate of r percent compounded continuously and doubles in value in 10 years. Find r.
Joram GuingguingLv10
16 Jul 2020
