Compound Interest Consider a certificate of deposit that pays 10% (annual percentage
Chapter 1, Problem 71(choose chapter or problem)
Compound Interest Consider a certificate of deposit that pays 10% (annual percentage rate) on an initial deposit of $1000. The balance after 10 years is where is the length of the compounding period (in years). (a) Use a graphing utility to graph where (b) Use the zoom and trace features to estimate the balance for quarterly compounding and daily compounding. (c) Use the zoom and trace features to estimate What do you think this limit represents? Explain your reasoning.
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