Question

if c dollars are deposited in an account paying r percent annual interest, approximate the amount in the account after x years if c=$100,r=2.3% and x=24 years

Answer 1

$173.67 (assuming this is continuously compounded)

Answer 2

What is the compounding period? Yearly? Quarterly? Daily? Hourly?

Answer 3

it says r percent annual interest so that means yearly

Answer 4

\[100(1.023)^{24}\]

Answer 5

i get $172.59

Answer 6

\[A = A_0(1+{r \over n})^{nt}\]
Plugging in known values.
\[A=100(1.023)^{(24)}\]