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Back to Simple and Compound Interest

Exercise 20

Avg difficulty 2.5

You deposit $10,000 in an account that earns 5.5% APR compounded continuously and your friend deposits $10,000 in an account that earns 5.5% APR compounded annually.

  1. How much more will you have in the account in 10 years?

  2. How much more interest did you earn in the 10 years?

Lee et al., Math in Society, §2.2 Simple and Compound Interest, Exercise 20

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.