Compound interest
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The interest rate offered on a passbook savings account is 3.78% APR compounded continuously. Another account compounds interest monthly. What should the interest rate of the second account be so that the interest earned over one year is the same as the interest earned for the first account?
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Solution Summary
This provides an example of working with compound interest for a savings account.
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The interest rate offered on a passbook savings account is 3.78% APR compounded continuously. Another account ...
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