The French & Indian war set the stage for the American Revolution
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Ответ:
Time in years = t =10
For annual compounding, interest rate = r = 3% = 0.03
Amount accumulated = A
Formula for Annual(Yearly) compounding is:
Using the values, we get:
Interest rate for continuous compounding = r = 2% = 0.02
Formula for continuous compounding is:
Using the values, we get:
This means amount accumulated by yearly compounding after 10 years will be $ 2015.87 and amount accumulated by continuous compounding will be $ 1832.40. Therefore the amount with yearly compounding will have more amount by the end of 10th year. The difference in the two amounts will be $183.47. So the yearly compounding will have saved $183.47 more than continuous compounding.