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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
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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?

User Ilyas
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1 Answer

7 votes

Answer:

0.04268 or 4,27% have a good day

User TRUE
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3.5k points
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