(a)
\If a principal is invested at an annual interest rate
compounded
times a year, then the balance
in the account after
years is given by
.
Brady acquired inheritance at the age of years.
Brady got his inheritance including interest at the age of years.
Saving account period is , so the value of
.
Find the interest compounded monthly, so the value of is
.
Here ,
,
and
.
.
Brady inheritance worth compounded monthly at rate of interest on his
birthday is
.
(b)
\If a principal is invested at an annual interest rate
compounded continuously, then the balance
in the account after
years is given by
.
Here ,
and
.
Brady inheritance worth compounded continuously at rate of interest on his
birthday is
.
(a)
\Brady inheritance worth compounded monthly at rate of interest % on his
birthday is
.
(b)
\Brady inheritance worth compounded continuously at rate of interest on his birthday is
.