Question

You deposit $5,000 in an account that pays 2.5% interest. Find the amount in your account after 27 years if:

a) Compounded Monthly

b) Compounded Continuously

Answer 1

The mathematical formula for calculating compound interest depends on several factors. These factors

include the amount of money deposited called the principal, the annual interest rate (in decimal form), the

number of times the money is compounded per year, and the number of years the money is left in the bank.

These factors lead to the formula

Answer 2

Step-by-step explanation:

find the cube root of each of the following numbers by prime factorisation method (i) 512