Simple and Compound Interest.
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You have $380,000 in your bank account. The interest rate in your account is 5%. Solve for the following:
a. How much interest will you accumulate if interest is compounded annually over the next five years?
b. How much interest will you earn in your account over the next five years with continuous compounding?
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Simple and compound interest are investigated. The solution is detailed and well presented.
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a. How much interest will you accumulate if interest is compounded annually over the next five years?
P = $380,000, r ...
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