Question

Can someone help me with interest that is compounded continuously and monthly?

Answer 1

yes what about it?

Answer 2

Which formula would you use for each? I know that one is A=P(1+r/t)^n*t, and the other is A=Pe^rt, I think. But I am not sure.

Answer 3

A=Pe^rt is compounded continiuosly

Answer 4

compounded monthly= A=P(1+r/t)^n*t

Answer 5

just remember that n=12 since there are 12 months in a year

Answer 6

and it would be A=P(1+r/n)^n*t not A=P(1+r/t)^n*t

Answer 7

sorry i didn't see that

Answer 8

Okay, thanks! Does e=2.718, or is that found in the equation?

Answer 9

e=2.718

Answer 10

Thank you so much! I really appreciate it.

Answer 11

np:)