Solved: Interest earn with continuous compounding, Finance Basics

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Interest earn with continuous compounding

Problem:

You have $2151.00 in your checking account. Suppose you have a choice of keeping your money for five years in a savings account with a 2% interest rate, or in a five year certificate of deposit with and interest rate of 4.5%. Calculate how much interest you would earn with each option over five years time with continuous compounding.

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Finance Basics: Interest earn with continuous compounding

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Finance Basics: Interest earn with continuous compounding

Reference No:- TGS02038943

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