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$1,000 is borrowed at an interest rate of 8% per year. a. How much is owed at the end of one year if interest is compounded: i. monthly? ii. continuously? b. How much is owed at…

$1,000 is borrowed at an interest rate of 8% per year. a. How much is owed at the end of one year if interest is compounded: i. monthly? ii. continuously? b. How much is owed at…
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$1,000 is borrowed at an interest rate of 8% per year.

a. How much is owed at the end of one year if interest is compounded:
i. monthly?
ii. continuously?
b. How much is owed at the end of three years if interest is compounded
continuously?

User Agathe
by
8.4k points

1 Answer

3 votes

Answer:

1 (240000)

2 (8000)

3(8160000)

User MetaFight
by
8.3k points
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