July 09, 2014
11.3 Compound Interest
Example: Suppose you invest $1000 at a rate of 5%
compounded quarterly for one year. How much money will
you have at the end of one year?
July 09, 2014
11.3 Compound Interest
Example: Suppose you invest $1000 at a rate of 5%
compounded quarterly for one year. How much money will
you have at the end of one year?
Compounding????
daily (n=360)
quarterly (n=4)
semiannually (n=2)
monthly (n=12)
annually (n=1)
weekly (n=52)
July 09, 2014
July 09, 2014
July 09, 2014
July 09, 2014
July 09, 2014
Last problem in 11.3 HW.