1. An amount of money, P, is invested in a simple savings account earning 4.25% annual interest....
Question:
1. An amount of money, P, is invested in a simple savings account earning 4.25% annual interest. Assume interest is compounding continuously.
a. How long will it take the amount of money to triple?
2. If we put $100 into an account with 4.25% annual interest compounded continuously, what is the account worth one year later? Find the interest rate (to the nearest hundredth of a percentage point) we would need in order to earn the same amount in one year if the interest were compounded annually? Note: this is called the APY of the given account.
3. A right triangle has legs of lengths 2cm and 4cm. Find the exact length of the hypotenuse, then use a calculator to approximate that length. Finally, approximate the measure of the non-right angles in the triangle.( Draw and label the triangle and be sure to show how you get your answers ).
Expert Answer:
1 To determine how long it will take for the amount of money to triple in a simple savings account earning 425 annual interest compounded continuously ... View the full answer
