Mr.Sim invests $9000 at 2% per annum compound interest compounded daily. What is this amount at the end of the third day?
I just want to ask why should we take the power as three only? Please HELP!!!
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according formula we take time as power here time is 3 day so we shallll take power 3 only
anaya563:
I saw a formula which says power is actually mt where m represents how many times its compounded and t represents time that is why i am confused
Please if you can explain me in this way
are you on WhatsApp
the value of M is 1
because given rate is compounded per day
and time also given in day
both have same units
I am not on whatsapp but i understood it thanks!!
it's my pleasure
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