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Interest Compounded annually, monthly and continuously?

Interest Compounded annually, monthly and continuously?

How long will it take an initial investment of $227 to grow to $1054 if it is invested at 3.98%?

A. Compounded annually (simple interest)

B. Compounded monthly

C. Compounded daily

D. Compounded continuously

I need an answer for A., B., C. and D. or a formula so I can figure it out. Thanks.

2 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    A. 39.34 years

    B. 38.64 years

    C. 38.58 years

    D. Can't remember the function but it will not be much different from daily. 38.57 years is very close.

  • Anonymous
    1 decade ago

    Don't bother to do this yourself. Go to a bank and they can figure it out in seconds.

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