beckybrowneyes85
New member
1) Which would produce a larger balance: an annual interest rate of 6.05% compounded monthly, or an annual interest rate of 6.1% compounded continuously? Explain...
2) You deposit $1500 in each of two savings accounts. The interest for the accounts is paid according to the two options described in question 1. How long would it take for the balance in one of the accounts to exceed the balance in the other account by $125? By $100,000?
Any help in explaining is appreciated.
2) You deposit $1500 in each of two savings accounts. The interest for the accounts is paid according to the two options described in question 1. How long would it take for the balance in one of the accounts to exceed the balance in the other account by $125? By $100,000?
Any help in explaining is appreciated.