Question

1. You have $1600 in a bank account that pays 3.5% annual interest compounded continuously.

Your friend has $1600 in a bank account that pays 3.52% compounded semi-annually.
Show all work:
a. Who will have more money in their account after 15 years?
b. How many years will it take for your account to grow to at least $5500?

Answer 1

0.04268 or 4,27% have a good day